GBPUSD

This has a massive tail on this so i would look at it as a shooting star.
The entry level for me will be around the 16301 area with stops above 16380.
due to the size if this there is risk involved as you are gonna have an 80 point stop.


The last shooting star was very profitable so hopefully the same again if it triggers
dyor

And here is another rejection or pin bar reversal at the same level. But it hasn't finished yet. Does it qualify as a shooting star?

clip2net.com/s/2Frdh

RMc

This should be a free trade now as this has played out perfectly


dl.dropbox.com/u/4899609/gbpusd21stdec.png

See what i mean by shorting half way up a shooting star.
ill say this happens with most shooting star formations.
By doing it this way you have better risk to reward on the trade.
DYOR

Theres a nice shooting star right at major resistance on this one.so looks pretty good for a short.
The way i trade these are wait for the price to go half way up the shooting star then short with a stop above the shooting star.
The level im going short is 1.6273 stop is 40 points or above the shooting star (1.6306)
Ill be targeting the 23.6 fib first at 1.6195 first.
There 2 potential fib retracement set ups on this so be aware of them.



I missed the shorting chance yesterday from major resistance as was busy trading other pairs at the time and missed this one...dohhh

DYOR

I do think Cable will break through sooner rather than later but did anyone else risk a short at 1.630 today?

I did but I'm not sure how low it will go. Any ideas anyone? Is the 38.2% Fib of the last rise at 1.612 a tad too far?

Thanks in advance...

Maybe but it's not reallt got the classic form. It's also been in a sidewys trading range between 1.5250 and 1.6300 for a year and a half which suggests that whichever way it breaks there's plenty to be had - a break north gets your possible target:



dl.dropbox.com/u/20815047/GBPUSDdaily19_12_12.gif