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Tuesday, August 23, 2011

Trend for 23rd of August 2011

Hello, fellow trend fans. I did not write anything yesterday, as there was not much to write about. I want to talk a little about gbp/chf pair today. It has been in a very long downtrend and a few weeks ago the pair saw a counter trend move. I looked at the charts today and saw that the security reached the resistance level and is ranging. It may mean one of the two things. Either gbp/chf will break up or it will make a reversal down and continue its long term downtrend. 

You may see a cluster of candles on daily chart and 1.2900 level is acting as support now. It may also be a place for selling a breakout downwards. So, be ready to place a short order below the level and move with the market. If the level holds we might see much higher prices. Then a breakout upwards would be a choice and then adding to a position on dips. That’s how you can trade a move upwards if it materializes.
Hope the short post was useful. Good luck in trend trading.

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Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.