Skip to content

gbp / usd monday update

12/13/2010

So long as this 4 hr trendling resistance holds, I will consider us in a downtrend.
We’ve broken below the hour trend line support and are currently coming back up for a retest or break long. IN addition, the 50 and 100 hr sma offer additional resistance around that trendline resistance.

Remember, on the daily timeframe, we’re bounced off a .382 retracement before coming back up to test the .25% Longer term short, we have potential to the 200 day sma currently around 1.5370, followed by the 50% retracement on the daily chart.

Remember, this is December, so moves are either anemic or violent, but either way, liquidity is low, so things will not act like they have been the past few months. I’m trading very light the remainder of this month.

Advertisements

From → Coming up

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: