Friday, 9 April 2010


So GBPUSD has decided to move up towards the upper level of the range that it's been in, and has gone through it. Was my decision to stay out of GBPUSD till this level was reached a good one?....with hindsight it's easy to say no because I could hav made some points, but at the time I made my decision based off my TA, and I still feel it was the correct one. So come 11am GMT when my new 4hr bar starts, I'll re-assess and see what the ATR is like, and see if an entry is setting up.
"better to be out of a trade wishing you were in, rather than being in a trade wishing you were out" a little quote from someone I trust.

My only new trade of the morning so far is EURUSD. I had a good trade earlier in the week on EU which had hit all my targets, and price has now formed a new entry bar for me based off the low of last week. My entry is long as my short levels for the week have already been achieved, so I will be buying the rally in the downtrend here.

I've put the fibs on here again to see where my targets will land in relation to the 50% and 61% fibs. First target is looking like it's landing pretty much on the 61% fib, and more interestingly, third target is just below the weekly open of 1.35. So maybe a retest of the 1.35 level today. We'll see.

Also, it looks like GBPCHF has finally hit it's third target, so that's a good trade for me from Tuesday.

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