Monday, February 11, 2013

GBPUSD down trend continues

GBPUSD trades with the decreasing volatility last day. The volatility may increase soon and the support (last minimum) at 1.5646 will be punched. Let's put pending sell order 1 point lower the support level.
We can use 161.8, 261.8 and 423.6 Fibonacco levels as Take profits and the resistance (last maximum) level as Stop loss.

As we reach each Fibonacci level close the 1/3 of the order amount and move the Stop loss at the previous Fibo level. For example as we reach 161.8 Fibo level close 1/3 of the order amount and move Stop loss to 100 Fibo level (i.e. entry price level).


My entry price: 1.5645
My take profit 1: 1.5545
My take profit 2: 1.5382
My take profit 3: 1.5119
My stop loss: 1.5810

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