GBP/UDD Update
The cable made it’s way back up slightly above 2.0300 and is now making another run at the lows to get more people short and to run stops. You have to learn to expect this to happen because that’s how this game is played. If you take a loss, don’t give up. All it means is that the market wasn’t ready yet. Another clue that this would happen was how little of a bounce we got. When that happens you can almost always expect the market to drop further before rebounding. The buy setup is getting even better now on the gbp/usd.
Labels: Forex Signals
For me the RSI was the only reason for me not entering & still waiting. It is a great Trade idea.
PS same with Eur/Usd. Cheers Jags
Posted by
Anonymous |
December 6, 2007 1:40 AM
Often times you'll find that waiting for an indicator to give a signal will make you late for the party or are suckered into the wrong side of the market. That's what makes the Value Level Trade Alerts different than the typical indicator based system. The Value Levels target key reversal areas in the market that usually get 100 pips or more. The cable has given many opportunities to get long. The dip lower we just saw is yet another chance before what I think will be a healthy move to the upside. The same thing goes for the euro. The euro is playing within the Value Levels. The key is to learn to get positioned around these areas as they do work out a majority of the time. The times that the price exceeds the areas usually just means to give it some more time for it to setup. If we had waited for an indicator to tell us this, we’d still be waiting as indicators are lagging. The Value Levels are focused on professional money and what they are doing.
Posted by
Forex Warrior |
December 6, 2007 4:48 AM
Thanks for your comment, much appreciated. Would you not consider waiting for the key news ie: cable / Euro interest rates, before entering?
Cheers Jags
Posted by
Jags |
December 6, 2007 5:00 AM
Ps. I only use the RSI as confirmation that move MAY have further to travel before entering.
Jags
Posted by
Anonymous |
December 6, 2007 5:03 AM