Tuesday, July 27, 2010

trade for today - GBP/USD

Ok just found a trade.

I sold GBP/USD at 1.5447.

reasoning:
5 EMA crossed 10 EMA on the 1 hour chart.
broke passed the pivot point at 1.5471
stochastics and MACD are looking bearish

Stoploss: 1.5540 - which is above yesterday's high.

Take profit: 1.5300 - which is just above the resistance turned support level (1.5291) on the 1 hour chart.

lets see how this trade goes!

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