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Posted on November 20th, 2009 by James Alliss.
Categories: Forex.
It always amazes me how the Forex market can completely change direction so fast! The pair made it as high as 1.6880 and then dropped like a stone. Whilst I was travelling I did take two long trades at the safest areas I could find at the time (1.6800 and 1.6750) and made around a 30 pip loss on both.
Like I said in my previous post “My only concern about this bullish view is that today was very much risk averse and buying of the dollar. So, make sure the majors are selling the dollar before taking GBP/USD long.” This was correct analysis and this bearish trend continued.
The price action is now very bearish and looks like it is trying to make its way down to 1.6300. Often the market reverses on Mondays so I’ll keep an eye on the majors early Monday morning but for now my bias will be short trades down to 1.6300 level.
You can view my trading results here.
James.
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