Hello, thank you Anthony for accepting to cooperate, and also thank you for your answers. The answer with entry point was a little bit difficult to understand for me, because I have had to watch the moving that happened three days ago, but I have understood. Here is the trading plan for today. I will try to implement it, and if there will be questions, I will ask them later.
Quote:
GBPUSD No more Teddy Bears
Good morning.
There was a big bullish trend yesterday: during the only one day, the price have managed to breakout all the previous MAX levels.
And it looks like we are going to break these new levels too...
Right now we are in correction.
Take a look at the picture
20071108+-+gbp01.gif (image)
I marked out all main levels as usual - they are red lines on the chart. Black lines are the targets of the descending correction. I will hardly sell today: correction may be finished at any time. For me only short sells are possible. I will wait for a breakdown of a level, a little rollback to it, and if the price won't manage to breakout it, then I will sell SHORTLY. Probably I will close such a trade on the previous MIN level before the rollback. But you must remember, that if you are not an experienced trader, then the chances are that the price will touch all your stop levels, and then it will make a reverse.
Ascending trading is safer today, but correction may be veeery long...
I will buy at the levels, that I marked out in black. The safer BUY point will be after the breakout of the MAX level, but there you must watch out for the irregular correction, in which wave B can possible fix a new MAX.
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The Uncommon Trading In My Life: GBPUSD No more Teddy Bears