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Monday, June 23, 2008

Nice Setup On GBP/USD


The trendline break and signal from Gann indicator followed with a nice move today. My TP was at 38.2% retracement level. The price went further actually and reach 61.8% retracement level, but I thought 50 pips was enough;)

Quick trade with EUR/USD today where I collect 15 pips. I entered after a trendline break but Gann indicator doesn't confirmed, not until an hour later anyway;P The pair has broken another trendline as you can see on the picture above. I already opened another short position targeting another support there. I'm a bit worry now because Gann has not confirm the down move in 4 hour chart. Hopefully it wont reverse.

I know I said that I will trade in 1 hour chart but the setup on GBP/JPY 4 hour is very temptig for me;P Gann has gave signal. The price is on the edge of breaking the trendline and MACD almost cross the 0 level. So I did opened short position targeting 38.2% retracement. It quite a move if it reach the target and may took few days, but the pair has fallen faster than rising so we'll never know. The thing that concern me is that USD/JPY isn't bearish at all. It might be a problem since GBP/JPY usually followed USD/JPY, especialy in US session, which will be open in a few hours.

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