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'Market and Human' Psychology perspectives with tips on how to avoid common mistakes by Pierre Charlebois, Senior Trading Coach at www.TradingPostFinancial.com

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GBPand EUR vs USD Still unclear

Posted on September 26, 2008 at 4:18 in Uncategorized by Pierre Charlebois

The current pattern is still unclear. My bias is for a further move down but I’m cautious. There are levels defined by yesterday’s highs and lows. These levels could be good break points for a day trade.

Cheers

3 Responses to “GBPand EUR vs USD Still unclear”

on 26 Sep 2008 at 5:35 am1Thomas

I believe cable will fall to around 8200 due to the hammer on the daily chart, probably next week. I intend to go long there as it is the 62% retracement of the big run up, so all we are seeing is a correction of a bigger up trend that will probably take cable to 8800, which is the 50% retracement of the huge run down from July to now.
on 26 Sep 2008 at 10:04 am2pcharlebois

Hi Thomas.

That seems like a reasonable trade plan. Are you looking for feedback or just sharing?

Pierre
on 26 Sep 2008 at 11:03 am3Thomas

Hi Pierre

Just sharing. My short got filled at 8355, tight stop, waiting for cable to tank.

Either way, I think there will be a reversal at 8800, if and when it get there.

Thomas

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