Swing Trade strategy in British pound [chart]
Posted on Friday, June 25th, 2010 at 10:30 am by John in British Pound, Currency Markets, Educational
Tags: Action/Reaction, Commodities, Forex trading, Futures, Futures Trading, market timing, price action, Reversal dates, Swing Trading, swing trading strategies
I currently have a recommended long position for the September British pound – long from 1.485- in the TMV Swing Trading Report. In the last issue I expressed concern that the market may have difficultly crossing the up-sloping median line and it my be time to exit. On the bullish side, is the bullish reversal date (June 22) where the market had dipped down to the 20-day EMA and triggered the buy signal. The pound began Friday’s session with a lower open, trading below the previous day’s low, before resuming the upward trend. I consider this as positive price action and now look for the market to continue higher and cross the median line. I suggest holding long positions and raising the stop loss to 3 ticks below Friday’s low (1.4850).
September British pound
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