Sell pound vs dollar price action trading

Posted by on Aug 15, 2012

By David Ruscelli


This post in italian

Hello guys, welcome to the daily appointment with price action and technical analysis of the currency markets. This post is dedicated to the classical trading, but I remember to everybody that on this side you can found a lot of informations about non-directional trading strategy, a mathematical strategy doesn’t have all the classical trading troubles.

Today we see what trading ideas give us the classical technical analysis of the forex charts.

GBP/USD

The blue rectangle is an obvious market range on the cable, GBP/USD.

The price is on the upper side of the rectangle, from 1,5700 to 1,5350, my advice, due to the pin bar, is to sell, going short. Ti be conservative you could just trade at break out of the low of the pin bar with a pending order short.

Possible targets 1,5550 – 1,5500 – 1,5400

GBP/USD D1

That’s all for today, have a good trading!

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