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GBP/USD daily

Wed, Jul 16 2008, 15:49 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

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The cable fell significantly after yesterday’s high 2.0146. The big question here is if the said fall is impulsive or corrective in nature. In fact it is still unclear if we have a 1-2-3 or A-B-C movement so to avoid any risk I move the stop loss of today’s short position below the entry level. A fall below 1.9969 followed by an acceleration of the down movement would be in favor of the impulsive scenario. On the other side a rise above 2.0037 would signal that the corrective scenario is developing.

Trading strategy: 10:40 EST; 15:40 GMT

Short position from 2.0045, move the stop loss from 2.0101 to 2.0043, target - open

Trading strategy: 05:12 EST; 10:12 GMT

Sell at market (2.0045), stop loss - 2.0101, target - open

Confidence level – medium


Archive

  • EUR/USD
    Published On Fri, Jul 10 2009, 08:23 GMT
  • EUR/GBP
    Published On Wed, Jul 8 2009, 12:29 GMT
  • EUR/USD
    Published On Fri, Jul 3 2009, 10:32 GMT
  • USD/JPY
    Published On Wed, Jul 1 2009, 07:55 GMT
  • GBP/USD
    Published On Thu, Jun 25 2009, 14:12 GMT
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