GBPUSD - Trading Entry Exit Analysis Update - Trading Consultant | Securities | Research

Monday 06 Feb 2012

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Saturday, 06 March 2010 19:22

Trading Entry and Exit Analysis Update

GBP-USD

Comment

Bullish reversal that followed with potential wave 3 or C target indicates the major downside movement may end. However we still need a final confirmation by waiting price overlaps the bottom 1 or A (Black Line) at 1.5705. A failure overlaps that level open a possibility of wave 4 formation. But overall, we will face an upside movement for at least 2-3 weeks ahead. Long Trade should be considered instead of Short Trade.

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System

ASTRONACCI^TMTrading System by Stocksforliving Indonesia,Ltd

Momentum

Bullish reversal on daily time frame, Bullish overbought on hourly time frame. This condition tells us that trend may have a minor correction for an impulsive wave 2. Wait until bullish reversal and price reaches the buying area then go long.

Pattern

Potential end of corrective wave C major, and end of wave 5 of intraday time frame. Wait for end of minor ABC corrective on hourly time frame for long trade.

Price

When price reaches black line at 1.5705 on daily chart, that will be a minimum confirmation that the major ABC corrective is ended.

For short term trading, long trade can be executed approximately at 1.4920.

Trading Advises

At initial impulsive wave formation, a long trade can be taken at around 1.4900 – 1.4920. Stop loss when price close below 1.4860.

Analyst Certification:

The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is, or, will be, directly, indirectlyrelated to the specific recommendations or views expressed in the report.

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