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Cable - 07 Dec 2012

Discussion in 'Nilesh J Patel- Trade Ideas' started by forexlayman, Dec 6, 2012.

  1. forexlayman

    forexlayman Special Consultant to the FPA

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    Forex Layman here with the daily analysis for GBPUSD, Friday 7th December 2012, As usual I will keep it short, sweet and relevant.

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    Wrap up of Thursday 06 Dec

    1. High-impact news releases:

    12:00pm GBP Asset Purchase Facility 375B - as expected
    12:00pm GBP Official Bank Rate 0.50% - as expected

    2. Technicals:

    Today's session has formed a strong bearish engulfing candle pattern. The bears have now taken charge. Tomorrow I expect another bearish day. It is also a Friday so I expect a strong movement in one direction.

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    See chart for further details.
    Daily.JPG

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    Plan for Friday 07 Dec 2012


    1. High-Impact News Releases:

    1:30pm USD Non-Farm Employment Change Expected 89K Actual 171K
    1:30pm USD Unemployment Rate Expected 7.9% Actual 7.9%

    Non Farm payroll is the single most important piece of news in the Forex market. I'm staying out of the market during that time, would rather take some profits in the morning it's less hassle..


    2. Techncials:

    I will trade the Tokyo - London double time (0700-0800GMT), waiting for a breakout and close above/below the current high or low of the day. Time frame confirmation: D (overall trend), 60M (for fibo, S/R levels), 5M (for execution). Target is to make 20 pips on the breakout, risking 25. I expect price to hit 16016 which is the 20 period moving average on the daily chart. Bias is to go short.


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    Work Smart Not Hard.
    Forex Layman
     

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