My Ironclad Rule

"It's not how many pips you make, It's how much risk you take"

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Tuesday, March 30, 2010

GBPUSD : Bearish Bat [UPDATED v2]


The market is still trading above the minor support trendline and still haven't show any strong downward move. Perhaps this is a flag continuation pattern where the price converge before continuing its previous trend. I adjusted the angle of my support trendline but still don't have strong reason enough to sell right now. There is no confirmation yet. The MACD is still on the upside level. It is waiting for strong momentum to bring the price higher.

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