Thursday, July 29, 2010

trade setup - GBP/USD

just like the Euro, i see the cable is range trading as well. With no big news looking to come out today as well, i still think it will be trading on technicals.

looking at the chart, again we see cable chilling around the highs and resistance levels. looking at this i decided to pull a trade. (white rectangle).

i sold at the market at 1.5618.

stoploss: 1.5660 - just above a strong resistance level.

take profit: 1.5570 - near daily low and support level.

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