I normally write about the Eur/Usd but here is a great opportunity that I could not pass up sharing with you all. There is a double top chart pattern forming.
The resistance level of 1.6125 on Sept 30 2009 is being approached right now. This is a key resistance level as the Pound attempts to break out of the current down trend that it is currently trading in. If this fails the price could go all the way down to 1.5850 and beyond.
If the price breaks through the top we could see a target of 1.6400.
4hr chart * note click the chart to learn a great trading system.
If the pair bounced off of the double top I would look to short enter around 1.6036 which is just below the previous up ward moving candle.
Put a stop 7 pips above the resistance level of 1.6125 and have leave a target of 1.5850
Keep good money management and you could have a profitable trade.
Latest posts by casey (see all)
- Learn why using a 2:1 Risk to Reward Ratio can increase profits - September 19, 2017
- My Personal Trading Plan Reviewed by Trading Expert Kim Krompass - August 4, 2017
- Trading Discipline: Most Important Skill for Successful Trading - August 3, 2017
Winner’s Edge Trading, as seen on: