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Technical Analysis Discuss the merits and downfalls of using technical data methods to assist trading

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Old 05-15-2008, 06:45 AM   #1 (permalink)
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Default GBP USD Movement
Hello Traders

Shorted when price breached $1.9585, with target $1.94 (will trail profit). It has been hedging at $1.9507 and selling it at 20 pips profit all day since I believe Asian session will not breach $1.95 exotic option. European session is a different story though. I expect price to tumble to 1.94xx today in the European session. Will lock profit at 1.95, trailing profit by 30 pips, and target 1.94.

Near term movement depends on the tonight's interest rate decision. If BOE has a surprise cut, expect price to tumble to around 1.93. If rate is steady, price will move back up.
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