Asia started with a major sell-off today! Lets see what happens. I am posting a GBP/USD trade idea.
As you can see, price has comprehensively broken a major trendline, retraced, and now is resuming downwards movement. If the selling continues, you can get in whenever price tests the hourly 21 EMA, or if the market is moving very fast, when the market tests the 15 minute 21 EMA. Wait and see. There are a good 200 pips before price reaches the daily 200 EMA, which is a reasonable profit target. I am currently short the EUR/JPY, which is also falling madly, along with the GBP/JPY. Both currency pairs should provide similar entries(21 EMA bounces).The EUR/USD is currently struggling. Wait and watch if the hourly 200 EMA breaks or not. If it does, a pullback to the 21/55(once either has crossed the 200) should be a nice entry.
Please leave your comments, they are always appreciated. Good luck!
If it breaks the 6250 area i'll be looking for a short on a test of 15min ema or hourly. If you'll look at the 6300 level earlier just about a perfect A+ trade in my eyes . A pullback to 6300 with a test of the 21 ema hourly and an outside bearish bar a the 38 fib. I'll be checking back.Good job gulzaar.
ReplyDeleteI actually did short this pair in early London. I got out with about 40ish pips when price double-bottomed
ReplyDeleteGood job gulzaar- i wasn't awake. Rob
ReplyDelete