Update for: 2011-09-05 - 2011-09-11

Posted on: Saturday, 03 September 2011 21:20

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GBPUSD: 1.6215

 Short-Term Trend:  sideways

Outlook: Due to its strength against EUR, GBP did not fell as much against the US. dollar as EUR did. As result, our analysis remains uchnaged: we have a wave count that suggests the move up from the May 2010 low is still unfinished and ideally we should see at least a move twd 1.6650 before this move ends. The daily price pattern by itself is more neutral than anything and with the daily Stochastics getting oversold, a rally twd 1.6650 indeed seems likely.
On the downside, firm and sustained trading below 1.6100 negates and signals that wave D down may have already started...

You can also take a look at my latest video where I explain my method of using protective stops. I'll show you how to place protective stops that allow you to stay with the trend as long as it lasts.

Strategy: Stand aside.

Next Update: Sun, 09/11/2011.

 



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