FX:GBPUSD   British Pound/U.S. Dollar
It seems to me that GBPUSD             is gathering energy for the last move down - to reach the big-scale 50% reatrecement at 1.6522. The 1.66 key level has proved to be a strong resistance for the recent price action. Should it fail to hold though, price might get to the median line , thus retracing 61.8% of the recent swing down. But the down trend is very strong. GBPUSD             has been in the strongest trend of all the majors. So the odds are rather with the sellers piling up their orders along the bear trend line . The price distance to the target 50% retracement is exactly as much as what market had made to the upside on Aug 20th, so 1.66 seems to be a balance line, along which the action to the upside is going to produce reaction to the downside. Let's see how it develops.
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There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
1.66 key level continues to hold. It's a powerful resistance level. Unless we see some bullish determination, it may be finally headed for 1.652.
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FaultyKid ForceFollower
I hope you took this trade and had gone short. What a beauty.
+1 Reply
ForceFollower FaultyKid
Yes. I'm still short. :-) I've been in and out of this market but it's been in the strongest trend recently, so I couldn't miss it.
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Casey_Yeo ForceFollower
Good for you! Seems like you can close shop for the year and go for a well deserved holiday. :D
+1 Reply
alex.a ForceFollower
Great ~
+1 Reply
Thanks guys! Yes, I can't believe how big these profits are, even though the position is so small... I've just sold short again, when it was rolling over. :-)
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itaskar ForceFollower
congrats pal :)
+1 Reply
alex.a ForceFollower
I can imagine when one wake up suddenly 130 pips profits ~ LoL ~~ What a dream one can have ~ LoL ~
+1 Reply
Yes, that's what's exactly happened. :-) It exceeded my expectations and I had placed no take profit order...
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butterliesel ForceFollower
do you have an idea what next??
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