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Ok folks- LIVE TRADE SET-UP:
GBP/USD On the 1 hr charts you see 2 wide spread up bars today- very nice sign of weakness. Before the NY close you saw selling on the "upthrust" bar, you then saw a "test" on the next followed by the next few hours of jockeying.
You then see no demand bars to confirm downside potential (Marked with X's)
I'm setting up for a Short tonight on the GBP, a slug of weakness came
in today and rapidly overbought the market, should be a nice buckle under
the weight of all of that coming in:
Sell Stop at 1.9872
Target-1.9830
The Sell Stop is 10 pips below the low of the last "test" As well as--If it is a true breakout, the 1.9830 with the time lapse will be above the trendline off the down trend we are coming out of so that trendline can act as support now.
See you in the AM!
Sledge
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To update my trade, Overnight session pumped up and stalled. I closed out the pending trade- so no trade transpired.
Sledge