Friday, 19 June 2009

Close GBP/USD @ 1.6258 19/06/09 16:50

I had always planned to let this one run no matter what even though today I noted several opportunities to get on the blower an close. Without the big mid morning fall I was concerned that 3pm rally (seems the yanks prefer the GBP to the green back) would screw things up.

P&L : -140

I don't think hourly support lines are strong enough.
I don't want to day trade but not taking the 170 pip down move has cost me in the opposite direction. Also not taking action this afternoon when I strongly felt I should has cost me about 100 quid.

Looks like this is what I suspected it may be - a bull pennant. Should cable push into 1.67-1.68 I would imagine a long position should be taken.

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