My GBP/USD Trade (23-05-2008)

*Click on the the charts, 1 hour(Before) and 4 hour(Before) for the enlarged version.

Hello everyone,

I have been quite busy currently. Now, I am with Fortis Bank.

Anyway, my trade on the GBP/USD on the (23-05-2008). I initiated a short position at 09:42pm (Singapore Time) | 01:42pm (GMT) at the price line of 1.9830.

What I saw was that, chart pattern (Double-Top) formation and candle analysis a rejection at the price line of the previous high at around 1.9847. To support my analysis, under my 1 hour chart, Long [Ash C Wave] is still down, [Ash CrossOver] kissing. Under my 4 hour chart, [Ash CrossOver] kissing.

Using Fibo Retracement, my Target Profit is placed at 1.9605(225pips), near to 61.8% Fibo at the price line of 1.9603. My Stop Loss is at 1.9880(50pips). Risk : Reward = 50 : 225 = 1 : 4.5

Currently, I am around 26pips in the money when market closes on Friday. Will update as this trade goes by.

Peace and trade safely everyone...