Thursday, October 30, 2008

10-30 GBP/USD Trade Set Up (not taken) UPDATED


I was observing the market and watching the gbp/usd. After a huge rally (over 1000 pips) a quick drop and some volatility set up what seemed to be the right shoulder of a possible head and shoulders reversal pattern. One reason I did not trade this is the nature of the gbp/usd lately. set ups like these are very nice and in normal market conditions would be a no brainer, but in this market, nothing is a no brainer. UPDATED... After this writing, within 2 hours this trade was in positive territory for 100+ pips