Feb 26 19:07 GMT


Forex Expos

Trade Idea Update: GBP/USD - Exit long entered at 1.2425 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 17 17 11:53 GMT
GBP/USD - 1.2418

Original strategy :

Bought at 1.2425, Target: 1.2525, Stop: 1.2390

Position : - Long at 1.2425

Target :  - 1.2525

Stop : - 1.2390

New strategy  :

Exit long entered at 1.2425

Position : - Long at 1.2425

Target :  -

Stop : -

Current selloff on active cross-selling in sterling suggests the rebound from 1.2383 has ended at 1.2524 and downside risk is seen for test of said support, however, break there is needed to retain bearishness and bring retest of 1.2347, once this level is penetrated, this would signal the fall from 1.2706 top has resumed and extend further weakness to 1.2300-10 later.

In view of this, would be prudent to exit long entered at 1.2425 and stand aside for now. Above previous support at 1.2459 would bring recovery to 1.2485-90 but price should falter below said resistance at 1.2524 and bring further choppy trading later.


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

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 © 2017 All rights reserved.