+31-03-2008+(before).jpg)
*Attached chart (Before). Click on it for the enlarged version.
Hello everybody,
Last night, I initiated a short position on the GBP/USD at the price line of 1.9865 at 11:53pm (Singapore Time) | 3:53pm (GMT).
What I saw was a price action movements. Lower high followed by another lower high plus the the long rejection tail and it cannot clear above [Ash Weekly Pivot] and 200ma. This was supported by Slow [Ash C Wave] is still down, [Ash Down Up] thick red bar and [Ash Cross Over] is crossing down. To further enhance this analysis, under the 4hourly chart, [Ash Cross Over] is also crossing down.
My Stop Loss was at 1.9900(35pips) and Target Profit at 1.9760(105pips). Risk : Reward = 35 : 105 = 1 : 3
This morning, [01-04-2008], at around 10:30am (Singapore Time) | 2:30pm (GMT), I have shifted my Stop Loss to Protective Stop at 1.9863 (2pips in the money).
Will update as this trade goes by :)
Peace and trade safely everyone...
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