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[QUOTE="Martin Kay, post: 51193, member: 25911"] [b]GBP/USD DAILY as of Wednesday, 28 August, 2013[/b] [B]*** Intra-Daily Trading Strategy: BUY British Pound / US Dollar Buy Target: 1.5548 Buy Stop: 1.5520 Enter New BUY on OPEN and exit BUY 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 black body has formed as prices closed lower 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 23 white candles versus 27 black candles with a net of 4 black candles. A spinning top has formed which is a candle with a small real body. Spinning tops identify a session in which there is little price action as defined by the difference between the open and the close. During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble. MACD is BEARISH as the MACD is below the signal line. The MACD crossed below the signal line 1 period(s) ago. Since the MACD crossed the MACD moving average, British Pound / US Dollar's price has decreased 0.05%, and has been fluctuating from a high of 1.559 to a low of 1.548. Stochastic signal was a Sell 11 Period(s) Ago. The RSI has just reached its lowest value in the last 14 period(s). This is BEARISH signal.The RSI has set a new 14-period low while the price of British Pound / US Dollar has not. This is a BEARISH DIVERGENCE. The Directional Movement Indicators (DMI) currently is not indicating a specific price direction and should not initiate any trades right now. SAR signal was a Sell 1 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 appears to be locked in a trading range bounded by upside resistance around 1.56 and downside support around 1.49. British Pound / US Dollar closed below the upper Bollinger Band by 43.5%. Bollinger Bands are 1.84% wider than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices. [B]Overall, the bias in prices is: Sideways. Short term: Prices are stalling. Intermediate term: Prices are ranging.[/B] [/QUOTE]
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