Posted by: joetradingplace | May 2, 2015

GBPUSD

This post is for people who are not on forexfactory…someone asked me a question on my thread, the question and answer shown below.

Question: I will have a look on the books you recommend. Please take a look at my picture of GBPUSD. Is this a new down trend in your opinion or just pull back? EURUSD and USDCHF stay still. {image}[/quote]

My Answer: If i say i know if its a new trend, i will be lying to you. But what i do as a price action trader is to react to what price does, i don’t anticipate things. In regards to gbpusd, i still have a long trades 1.4650, i will lock my profits by trailing SL to 1.4950 when the market open, but that move down has been too sharp for me, i prefer W reversals….i won’t be doing anything on this pair now, i would like to see price settle down and move in a calmer manner than that V shape drop. Watch the support at 1.500. I would like to see buyers failing to push higher two more times, then i can look to short. Hope this explanation makes sense

Screen Shot 2015-05-02 at 10.33.19

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