Short GBP at 1.8046 @8:17pm Aug 24,2004
Reason : 1). S&P is up 3.5 and Dow is up 29. Data may be a good one.
2). Good ran yesterday ! Pull back in the morning. Look for run through neck line before the London FX close around 12:00PM tonight.
Protective stop at : 1.85
Inital target point at 1.72 (see you !)
Good point.
Bear in mind, I am a trader nothing but a trader. I trade for a living.
I showed all the facts and resaons above and bet on GBP break the market neck line. If I am looking at the pattern alone as the entry method, I would have lost everything since my trading life back to 87.
In fact, I have 100 points in my hands now plus the CHF short 4 hours ago.
I don't trade based on "feeling" like most of the people here. I trade based on fact.
Most of the people love to fight the trend and facts !
It is so easy to run with the market direction.
Everybody love to be "GANN".
Forecasting future is not my job. My job is looking for good setup and trade. I have been waiting for GBP since 4:00PM.