Well Now we’re in a failing wedge that broke down temporarily seems to be retracing slightly I decided not to put any more trades on GBPUSD but to put an order on at 1.55250 if it gets up that high then GBPUSD is on a bullish retrace.
At any time I think in the next few hours GBPUSD will retrace, after all it’s loss was based not on FACT but on someone saying “This will happen”. Bad market sentiment is just as powerful as something actually happening to a currency.
Ok – terms here:-
An Order. – this is where you don’t actually place a trade but say that if a currency reaches a certain place then the trade is automatically placed.
Bullish – A trade that the first part of the pair e.g. GBP in GBPUSD is increasing in value. (a BUY GBPUSD)
Bearish – A trade where the second part of the pair e.g. USD in GBPUSD in increasing in value (a SELL GBPUSD)