Monday, April 12, 2010

GBPUSD 2010-04-12 Analysis

Technical analysis on GBPUSD done by Eric Lye in our Forex Trading Room

[Monday]

















[Tuesday]

Since there was no base form yesterday, there was no opportunity to go long.  Trade what you see is exactly what we need.  Price action tells us there is no support formed, thus there won't be any setup for entry.  Remember, we do not have to trade all opportunities.  If you miss, that is part of trading, learn to let it go.  This was said by one of our full time traders who has gone through the ups and downs when we met up yesterday for a trading session.

For today, we continue to be on the bull side as long the bear is not out of the woods.  Always wait for the market to tell us which direction it is going.  Too much guessing becomes gambling.

















[Tuesday Evening]
Four hours after I posted above chart, the opportunity presented itself and if you managed a good price, 100pips profit was possible.


[Wednesday]

Another possibility presenting itself?

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