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Daily Technical analysis
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[QUOTE="Martin Kay, post: 49581, member: 25911"] [b]GBP/USD DAILY as of Thursday, 08 August, 2013[/b] [B]*** Intra-Daily Trading Strategy: SELL British Pound / US Dollar Sell Target: 1.5481 Sell Stop: 1.5504 Enter New SELL on OPEN and exit SELL positions at Target price or at Stop price. (NOTE: Adjust Stop Loss Price according to your trading risk.) Do not reverse after exiting. This is a recommendation for INTRA-DAY TRADING only!!!!![/B] A white body has formed as prices closed higher than open. The previous 10 candlestick bars, there are 4 white candles versus 6 black candles with a net of 2 black candles. The previous 50 candlestick bars, there are 25 white candles versus 24 black candles with a net of 1 white candles. A long upper shadow has formed. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).MACD is BULLISH as the MACD is above the signal line. The MACD crossed above the signal line 4 period(s) ago. Since the MACD crossed the MACD moving average, British Pound / US Dollar's price has increased 1.33%, and has been fluctuating from a high of 1.553 to a low of 1.510. The Stochastic Oscillator is currently above 80. This is an indication of the security being in an "overbought" condition. Stochastic signal a Sell 7 Period(s) ago. The RSI has just reached its highest value in the last 14 period(s). This is BULLISH signal. The ADX is currently below both Plus and Minus Directional indicators. The Directional Movement Indicators (DMI) currently is not indicating a specific price direction. Should not initiate any trades right now. SAR signal was a Buy 2 period(s) Ago. The close is currently ABOVE its 200 daily moving average ABOVE its 50 daily moving average ABOVE its 20 daily moving average The current market condition for British Pound / US Dollar is Very Bullish. British Pound / US Dollar broke above the down trendline at 1.55, one day ago. This is a bullish sign. This down trendline, currently with an ending point at 1.53, now provide downside support. The most recently confirmed up trendline for British Pound / US Dollar has an ending point currently at 1.52. Expect prices to have some difficulty falling below this trendline. A break below this trendline would be a bearish sign. British Pound / US Dollar closed below the upper Bollinger Band by 5.8%. Bollinger Bands are 9.57% narrower than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. [/QUOTE]
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