Looks like a triple bottom in place on the GBP/USD @ approximately the 1.47 level.
Any thoughts?
Any thoughts?
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12/23/08 - GBP/USD Triple Bottom
- Thread starter btowntrader54
- Start date
I appreciate the heads up. Then as a short position do you like it?
You could take a long using 4470 as your stop, which appears to be the low. Possibly scale in small in case price decides to test that number or just wait until price gets closer to that number before initiating your long.
I agree it appears to be a better short right now. Need to see some sort of bullish candle on a 4hour or D chart to confirm. However in waiting for that you may give up 300-400 pips.
My strategy would be to take a long as close to 4470 as possible. If price breaks it, you could stop and reverse and go with the short...
Idea of course is trying to get in as close as possible to your stop point to minimize your risk.
I agree it appears to be a better short right now. Need to see some sort of bullish candle on a 4hour or D chart to confirm. However in waiting for that you may give up 300-400 pips.
My strategy would be to take a long as close to 4470 as possible. If price breaks it, you could stop and reverse and go with the short...
Idea of course is trying to get in as close as possible to your stop point to minimize your risk.
I agree with Inow. You shouldn't change your trading analysis just because someone posts "no". If you aren't confident enough in your play you shouldn't trade it.
What you are saying is very different, PaulRon.
What you are saying is very different, PaulRon.