Wednesday, December 30, 2009

GBP/USD Short Opportunity - Trendline Hit In 4hr Chart

The GBP/USD is in a downtrend since late Nov 2009. With the strong gains (+240 pips) during today's US session (30.12.09), the pair has reached the upper trendline of the of the downtrend channel.





Applying a trend following strategy this is an opportunity for a short entry.
  • P: 1.6080
  • SL: 1.6200
  • First target 1.5800

Please consider that liquidity is relatively low during holiday trade, which can lead to price spikes in either direction.

1 comment:

  1. Hi Thorsten
    Today (jan 02)i read your post.I think that your trend line is'nt correct.It must be drown from 17 Nov & 25 Nov & 16Dec in H4 timeframe.It's better to sell @ 1.6190.
    Best
    Hossein

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