British Pound Cross Pick 07.16.09.My picks: Pending Long GBP/CHF Expertise: Fundamentals and Technicals Average Time Frame of Trades: 2 - 10 Days Following up with the long pound-franc recommendation from the previous week, the rally in the GBP/CHF last Thursday Thursday: see week. opened the long entry I placed at 1.7715, the 6/3 high however, the sell-off Sell-Off The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the value of the security. Notes: A sell-off may occur for many reasons. during the Asian session on Monday Monday: see week. closed out my position with an 85pip loss. Despite the huge swings in the exchange rate, the pound-franc continued to trend higher throughout the week, and I will attempt to enter a long position again as the pair retraces the sell-off from earlier in the week. As a result, I will follow the same trade from the previous week with the buy entry at 1.7715, the 6/3 high, and the target at 1.8014, the 6/29 high, while I have placed the stop at 1.7623, the 6/1 high. 2009 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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