Tuesday, December 18, 2012

GBPUSD Triangle Short Trade

myfxvoyage.blogspot.com GBPUSD Triangle Short Trade
GBPUSD Daily
A triangle trade is coming up in GBPUSD. Failure to make previous highs may drag this pair down. 

I am watching this setup from past few sessions. Previous post [here].



Although price is bouncing from trendline, but it is not able to break previous highs. This can be indication that momentum is fading out. 

 Upper resistance area comes around 1.6300/10. 

I plan to go short on touch of upper resistance area. for a move towards the lower trendline. SL will be just above the trendline at 1.6330/35.
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2 comments:

  1. RAAJAN.VKDecember 18, 2012 at 11:50 AM

    Good decision, but i suspect that it may not touch 1.6300

    Raajan.vk

    ReplyDelete
    Replies
    1. CaffeineDecember 18, 2012 at 8:05 PM

      Thanks and glad you commented.
      I will short if any reversal signs around 1.6275 area as well.

      Delete

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