Sive Morten
Special Consultant to the FPA
- Messages
- 18,654
GBP/USD Daily Update, Fri 04, February 2011
Good morning,
DRPO has been confirmed, now, as I understand from your recent posts, the question is about the targets.
but in the beginning I want to warn about today's NFP release. Rumors tell that it should be somewhere around 140K.
If you're intraday trader and trade particularly DRPO, then the nearest target is 1.6050-1.6070 area - this is 4-hour Confluence support and previous consolidation - market will protect it. Also, daily trend will be bullish today till 1.6017.
If you're trade butterfly "Sell", then your nearest target is 1.27 expansion from the whole Butterfly move - it's about 1.5630 area.
And now take a look at daily time frame - here is clearly see the W&R of previous highs. I think, that the nearest solid support area is confluence support at 1.5940.
The choice is up to you. Just decide for yourself what do you trade particularly. And be wise - if you'll see strong move down and market falls like a stone - may be it makes sense to hold position for more time. If you will see some nervous and choppy on the market- may be better to take profit (today is Fri, BTW), or at least tight stops.
Good morning,
DRPO has been confirmed, now, as I understand from your recent posts, the question is about the targets.
but in the beginning I want to warn about today's NFP release. Rumors tell that it should be somewhere around 140K.
If you're intraday trader and trade particularly DRPO, then the nearest target is 1.6050-1.6070 area - this is 4-hour Confluence support and previous consolidation - market will protect it. Also, daily trend will be bullish today till 1.6017.
If you're trade butterfly "Sell", then your nearest target is 1.27 expansion from the whole Butterfly move - it's about 1.5630 area.
And now take a look at daily time frame - here is clearly see the W&R of previous highs. I think, that the nearest solid support area is confluence support at 1.5940.
The choice is up to you. Just decide for yourself what do you trade particularly. And be wise - if you'll see strong move down and market falls like a stone - may be it makes sense to hold position for more time. If you will see some nervous and choppy on the market- may be better to take profit (today is Fri, BTW), or at least tight stops.
