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Thread: Discuss the GBP/USD with a DailyFX Analyst

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#4764 (permalink)

08-06-2008, 09:44 AM

cmellon

Member

Join Date: Apr 2008

Posts: 1,495

cmellon is an unknown quantity at this point

Quote:

Originally Posted by cmellon

Hi all,

For those of you who are bearish, it's a very good opportunity to short GBP soon.

I have standing short order at 1.9914, which is at the upper trend line channel.

Stop Loss can be set at previous swing high around 1.997.

Good luck.

I have no idea why my target date of August 15 is still a week away, but price has dropped to my target level. This may mean there's a scope for further weakness for GBP.

Nonetheless, I am trying the EW triangle count, and therefore I am preparing to close my short trade 9914 at 9455 today if it goes there, and switch to long. Will move to SL to Break Even as soon as I can.

GL everyone.

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