ActionForex.com
Nov 01 00:08 GMT

Sponsors

Forex Expos

Trade Idea Update: GBP/USD - Buy at 1.5985 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Sep 19 13 13:25 GMT
GBP/USD - 1.6094


Original strategy :

Buy at 1.5985, Target: 1.6150, Stop: 1.5950

Position: -
Target:  -
Stop:-


New strategy  :    

Buy at 1.5985, Target: 1.6150, Stop: 1.5950

Position: -
Target:  -
Stop:- 


Despite yesterday's post-FOMC rally to 1.6163, as cable has retreated after faltering below this level today, suggesting consolidation below this level is in store and pullback to the Kijun-Sen (now at 1.6061) is likely, however, reckon downside would be limited to 1.6000 and renewed buying interest should emerge around 1.5980-85, bring another rally. Above said resistance at 1.6163 would extend recent upmove from 1.4818 low to 1.6185-90 (1.236 times projection of 1.5104-1.5718 measuring from 1.5427), however, near term overbought condition should limit upside to 1.6215-20 (61.8% projection of 1.5427-1.5963 measuring from 1.5886), risk from there is seen for a correction to take place later.

In view of this, we are still looking to buy cable on pullback as 1.5980-85 should limit downside. Only below previous resistance at 1.5963 would defer and risk correction of recent upmove to the Ichimoku cloud top (now at 1.5936) but reckon support at 1.5886 would hold from here.

 

About the Author

Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 GMT

Advanced Candlesticks and Ichimoku Strategies for Forex Trading

For the first time, our Action Forex analysts are revealing the strategies they use in formulating the trading ideas in our popular Candlesticks and Ichimoku Analysis section. These strategies are presented in our newly released ebook "Advanced Candlesticks and Ichimoku Strategies for Forex Trading." Don't miss this opportunity in learning these techniques that professional traders use. Download both Part I and Part II NOW!

Facebook MySpace Twitter Digg Delicious Google Bookmarks 

Trade Ideas

Candlesticks Trades
Elliott Wave Trades

Forex Brokers

ActionForex.com © 2014 All rights reserved.