Monday, February 1, 2010
GBP/USD Trade Update
With a possible decent sized stock market rally underway I want to prepare for US dollar weakness, which would lead to GBP/USD strength. Looking at the count in the attached 4hr GBP/USD chart, it shows that I can lower my stop to the extreme of wave i. If the count is correct, then 1.6110 cannot be exceeded before a new low is acheived. Because of this, I'm lowering my stop to 1.6115, down from 1.6185.
My entry for this trade was 1.6235, so by lowering my stop to 1.6115 I will lock in 120 pip profit for now.
(click here for original post for trade setup)
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.