Status of GBP/USD trade
June 23, 2010 2 Comments
Alright, from the entrance recommendation I provided here less than 2 days ago, your GBP/USD trade should be in the range of +195 PIPs or so.
At this point, I recommend placing a limit on your existing trade @1.5060. This is the price I have been talking about since May 19th, and which I specifically called out here almost a month ago on May 28th.
I also recommend placing a separate entry order of a Limit Short @ 1.5060.
Therefore, having a limit on your existing trade @ 1.5060 will close your existing trade at that specific price. Then, the separate entry order will take you into the market shorting the GBP/USD at 1.5060.
I’ll provide further updates later.
Happy trading!
LattePIPs
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The short term has broken against the current movement. I exited my trade for the short term, but forgot to provide an update on the trade. I believe the GBP/USD is heading down to 1.4812 before it goes further up to 1.5060. However, leave your limit sell at 1.5060, because as I have been discussing for a month, that’s where I believe the GBP/USD is heading.
Happy trading!
LattePIPs
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