GDP/USD

hi noodles.
You had the right idea but i think you entered too early. That trend line is at 1.6121 so thats where you went wrong on that trade. If you then had the stop above 1.6145 then you could still be in the trade.




Good idea thou

remo

yea remo I was a little eager to get in on the trade. my thinking was that 1.6100 may have provided some round number resistance so it may not have reached the trend line. something I need to work on ... being a little more patient and letting the trade come to me

Jackozy wrote: RSI and wave count suggest this will break through resistance shortly: dl.dropbox.com/u/20815047/USDGBPdaily31_10_12.gif

Jackozy any chance you can explain how the wave count works on this one? I'm confused we're the waves from the left hand side. Thanks

That should read 'with' the waves. How is there a 3 and 4 wave twice on the left hand side?

Sorry, Amo, I didn't show the full count. Here it is:




dl.dropbox.com/u/20815047/USDGBPdaily31_10_12a.gif

All the Fib retracements and extensions are similar to the USDJPY described here: demo.chartsview.co.uk/blog/ewt-and-fibs-...py-live-example.html

ahh, that makes sense to me now. Nice one.