There is a very strong downtrend going on in this pair, and I expect it to continue a bit more, until it hits or breaks the weekly support level that's coming. For the mean time, I expect a bounce, because price is extremely deviated from the Wave and the MACD histogram has drawn a bullish divergence. I have bought two lots, and I'm going to close them at the targets drawn on the chart. Stop at 0.79065.
Comments
vlad.adrian
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10.07.2014 Closed half of the position close to first target. GBP rate is coming in half an hour, so I will have my stop really tight for the remaining position, with a sell stop for entering a short on this pair.
ForceFollower
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I went short.
vlad.adrian
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still in it right?
vlad.adrian
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15.07.2014 closed my second lot a bit below break-even
ZenMasterFX
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I agree. We are still in a downtrend. Look to sell on rallies.