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Pound is punished again at the european opening

Posted on October 13, 2009 at 2:39 in Market comments by David Aranzabal

Yesterday Pound was punished very heavily (see yesterday’s post) and this morning, just at the Frankfurt opening, the pound got a punch again.

Very clear entry, similar to yesterday. Price makes a exhaustion pattern, breaks the ascending trendline and goes all the way down, very fast, close to support level (yesterday’s low)

See the chart for more detail:

4 Responses to “Pound is punished again at the european opening”

on 13 Oct 2009 at 3:27 am1su25

Hi David
Your entry criterion is clear to me. For exit, am I correct in assuming that reversal chart pattern (rather than certain pip target) is the preferred criterion?
Regards.
on 13 Oct 2009 at 5:14 am2David Aranzabal

Hi su25,
Welcome back, reversal chart pattern or main levels (strong support or resistances) are the key for the exit, instead of pip target. We have to read the market, as soon as it’s unfolding.
Thanks for your comments !!
on 13 Oct 2009 at 6:01 am3su25

Hi David
Yes, of coure,I forgot - you ALWAYS emphasise the importance of support/resistance AND “00″ and “50″ levels!!
Regards.
on 13 Oct 2009 at 6:04 am4David Aranzabal

Yes Su25,
Forex Day Trading is famous for “00″ and “50″. Remember to watch out the main 60 min levels as well.

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