GBP/USD — Setting up for a sell, but always ready for a buy above the high

by jennifer on March 1, 2012

  • Sharebar
Print Friendly

Good morning Trader Friends,

Here is an updated chart for GBP/USD. I like the position of the MACD histogram. If it goes below the 0-line, I see a setup to sell for 50 pips, into the first green circled area.  It looks like the 800 SMA  (dashed black line) may not be done with price yet. If price makes it through the bottom Combo Line (100 SMA), I could enter another sell for 50 pips again as it heads for the 800.

Of course, if this pair has it in for another run up, I’ll be there too. A move above that recent high and I’m in a long position for 30 pips. See you tomorrow!

 

Before I go, I see bearish divergence starting to happen on this chart too. I didn’t mark it, but maybe you see it too.

Have a great day!

Jennifer

Post to Twitter

Previous post:

Next post: