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02/06/2008 Archived Entry: "FibMaster FOREX intra-day perspective GBP/USD"
Since my last update of January 29th, Cable has continued it's slide into shorting territory. As long as GBP continues to put in lower swing highs and lower swing lows, we're free to short Cable on lower time-frames. There is one higher swing that I would consider shorting. A rally to 197.00 would be very short-able. The hourly chart attached shows the action, and also some key resistance at about 197.00 That resistance is based on the current swing low of 195.50 . If that low is taken out, the resistance level will move down. We can't know whether Cable will rally to 197.00 soon, but if it does, and if it resists there, it will be a great place for shorting! That is a high-probability trade setup with SK resistance and a good down-trend. A stop-loss would be situated above the resistance, and above the 197.00 area after entry. I don't recommend shorting above there. Note the prior swing high at 197.90 (Feb 4th). You definitely don't want to carry any short trades if the chart gets above that! The picture starts favoring bulls up there with the exception of resistance up at the swing highs of January.. [UPDATE February 7th!] -- As I said, we short Cable on lower time-frames. Lots of happy profits out there in Cable-land! My hope is that you're loading them into your trading account. I'm preparing for the seminar this weekend. <<<-- Click for details! Comments/suggestions/questions are welcome. Post your own charts, or your own trade suggestions too. We all benefit from the discussion. Discuss this chart on the TraderZine forum, click here.
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