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It is very risky sell.
I am not sure that it is understandable from the image attached.
It was downtrend with correctional uptrend in the same time (according to the indicator). It means: not strong trend.
It is sell on GBPUSD M5 timeframe (according to Absolute Strength indicator). But to understand about this trend we may look at H4 timeframe (see image).
That is a very clear short in cable 5mins, the chart you posted in 4hrs tells us the reason why this sell is possible, thanks a lot. The entry i saw it around 1.9683, the exit lets see.
ND, yesterday`s short gave +60 pips profit, today did u see the short this morning, could you post it please? seems an excellent rally again.
It was very risky buy in the morning: it was buy according to blue solid/dotted lines and correctional sell in the same time (MTF Absolute Strength indicator). It was very risky.
Now is downtrend. Very clear downtrend.
Then it was sell (price crossed pivot line and this sell was confirmed by many indicators. You may use your own indicators for confirmation.
It was exit on 1.9588 (price crosses 55 pips level on 55 EMA). M5 timeframe.
More than +60 pips in profit (+67 but it depends on the broker).
Last edited by newdigital; 12-21-2006 at 02:04 PM.