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Thread: Sterling Today Strategy

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    Default Sterling Today Strategy

    In upward direction resistance is the level 2.0252, which is 75.8% correction from the top 2.0361 to the bottom 1.9877. Next resistance is the top from 9 August 2.0394, after which comes the the 26 year top at 2.0643. Support is 1.9818, which is 75.5% correction of the climb 1.9656 - 2.0362, than comes the bottom from 17 August, which gave the beginning of the above mentioned climbing

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    Today I am expecting some loose from the price. My target for today is 2,0024. I think the market is hungry for a news for strengthen the dollar. And they will give it at GMT 14:00
    "Strategy without action is just dreaming, action without strategy is nightmare" Japan proverb

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    At 14.00 GMT we will have U.S. Existing Home Sales and U.S. Consumer Confidence coming out. Home sales is pretty much number 1 topic right now, and I believe Existing home sales is going to be more important than the consumer confidence; however, the consumer confidence has to be in tune with home sales. If it is conflicting too much, that would be a little messy trade. Existing Home Sales are expected to come out at 5.5 M. If they come out at 5.8 M or higher, that would actually be a significant rebound, better reading than the last two months, and I think based on that GBP/USD may possibly go down by 40 pips or more in the first hour of the report. On the other hand, if the home sales disappoints, and reads 5.2 million, that would actually be a quite big jump down from 5.75 million last month, and a reading of 5.2 million or lower would probably drive GBP/USD up by 40 pips or more in the first hour of the report. Again, if U.S. consumer confidence conflicts, and that there is some really important price levels, the move may be a little bit choppy, however, if they don't conflict, there is a pretty good chance to hit my price projections.

    SUMMARY:
    * Report: U.S. Existing Home Sales
    * Sell on GBP/USD if the number will be 5.8 M or higher.
    * Buy on GBP/USD if the number will be 5.2 M or lower.
    * If the trigger is hit, expect 40 pips or more in the first hour of the report.
    Sometimes not trading is the best trade at all

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    Default

    Quote Originally Posted by samifx View Post
    SUMMARY:

    * Sell on GBP/USD if the number will be 5.8 M or higher.
    * Buy on GBP/USD if the number will be 5.2 M or lower.
    * If the trigger is hit, expect 40 pips or more in the first hour of the report.
    I didnt understand this two summary

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    Default

    Buy At 1.4520 Target 1.4550

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    Default

    The general trend of G/U pair is to the downside as far as 1.5270 remains intact with targets at 1.3440

    According to my analysis, buy the pair above 1.4705 with targets at 1.4845 and stop loss with four hour closing below 1.4590

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    Default GBP is over bought

    gbp is forming topping signals at 1.6640-60...... from there it may fall upto 1.6360 first moderate support.

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