I thing that we reached the point where we can be 75 % sure that we will go down. I see 2 ways to reach 1.593
1 we will manage to reach 1.605 or we will start going down from 1.604...
i will enter now short setting my SL above 1.606 so i will have a Risk-Reward ratio of 0.33
As predicted we are entering the red area.We see some bull power here, but more then bull power are short term profit taking from short term short position. Between 1.60200 and 1.6080 i see the continuation of the down trend
Don t forget about the SL at aprx 1.609.
Congratulation for those that fallowed me in the last 2 weeks, 1000 pips is a nice result.At this moment we are at the beginning of a new cycle. Therefore i would like to post for you my plan for the next period.
I still have my shorts from 1.6509 therefore as i wrote in the graph i would only add some shorts in the red area with SL above 1.6130
In addition to my previous posts that are running perfectly i would like to post what i see now on the graph... and its nothing else but a confirmation that the targets from my previous posts will be reached. ( i will add the posts in comments)
On weekly basis we have a nice hammer with short direction, fallowed by a daily hammer , moreover on daily basis we...
We almost reached the point were the panic about Scotland started, so we can say that this unpredicted panic sale was absorbed. Of course, the big sale started at 1.66, but such a big politic event should leave a mark on the price, therefore i entered short at 1.6509 leaving the 100 pips opened and setting the SL above.
I don t think that we will be able to go...
( See the comments for the previous graph)
The price moved as expected exactly to the point we were looking for ( matching time and price). As i said the TP is open and the price action shows me that we will go lower ( a small rebound is possible) should this happend I will add more short position at 1.6210 with a SL at 1.6240.
Tp is still open.
The price action shows me that we will break the support lvl, and we were not able to break the resistence, A CLOSE BELLOW THE 1.62200 LVL ON 1H TIME FRAME WILL VALIDATE THIS SCENARIO . So keep an eye on a short position.
SL above the short term trend line
TP i would leave it open an i will watch the price action
We still have to remember that the down movement started not because of Scotland, but because we are expecting that the interest rate in US will rise sooner than in UK, of course Scotland brought more risk for the GBP, and we had to much emotions in the market, therefore there is a possibility to go higher but we are already on the half way of this up movement....