GDP/USD

Did u sell break of 1.5976 today followNev?

I missed it, but have a sell order in incase it re-tests the level tonight or tomorrow, 30 point stop, target daily 200ema approx. 1.5860.

screencast.com/t/65VfwSGcQkb

I reckon if it opens lower tomorrow as soon as it gets lower than 1.5976 breaking the daily swing low, it would be a great short down to 1.5870 to the 200ema. From then on, its in the lap of the gods. Shame it's Friday tomorrow would be too risky for me to hold over the weekend.

Hi followNev,

thanks for the heads up with the ema's on the longer timeframes ... they certainly add another dimension to my analysis.
anyway the trade went well today dunno if there was a fundamental reason for the big drop at tea time though??

just noticed the test of the downtrendline was also a standout high from 31 oct 2011
screencast.com/t/SkosKtfAXYZ daily
screencast.com/t/pgnmhhvVFtQ1 4hr

this is looking more and more like a significant double top to me

hi Noodles,
I agree with you but just wanted to warn you as well.
If you do a monthly, weekly and daily chart, with the 8, 20 & 200 ema's on each, I think you'll see what I am getting at.
The trend lines on a wedge can be tested, broken, re-drawn and the Moving Averages can be tested, re-tested etc. So I am not saying that the obvious pattern is the one to trade but that there is a little more room to the upside should they wish to really squeeze the shorts.

Currently bouncing off downtrend line
Good short entry imo if you are bearish this pair (I am)

screencast.com/t/3rQ9q14S3