The last time I looked at the British Pound (GBP) was in April. Today I'm taking another look.
In my last video I showed why I thought this market was about ready to move.
Going back to August of 2008, we've had a very large move down in the British Pound to U.S. Dollar ratio chart. We then had a very large, sideways move from December 2008 to May 2009. This sideways move has made a rounded bottom which is usually an excellent indication of a bottom and a great time to go long.
Also what I like is that we have a monthly buy triangle. We don't get that many monthly buy triangles in this market. In fact, the last monthly buy triangle we had was in July of 2008.
How far can this market go on the upside? To get that answer, we can use Fibonacci retracements.
Currently GBPUSD is $1.51
A 38.2% retracement would mean a target price of $1.60. I think this is being a bit too conservative. A more likely target would be a 50% retracement which means a target price of $1.68.
In this new short video, I will show you the steps I am taking to cash in on a fairly substantial move I see ahead for this market.
The last time I looked at the British Pound (GBP) was in April. Today I'm taking another look.
In my last video I showed why I thought this market was about ready to move.
Going back to August of 2008, we've had a very large move down in the British Pound to U.S. Dollar ratio chart. We then had a very large, sideways move from December 2008 to May 2009. This sideways move has made a rounded bottom which is usually an excellent indication of a bottom and a great time to go long.
Also what I like is that we have a monthly buy triangle. We don't get that many monthly buy triangles in this market. In fact, the last monthly buy triangle we had was in July of 2008.
How far can this market go on the upside? To get that answer, we can use Fibonacci retracements.
Currently GBPUSD is $1.51
A 38.2% retracement would mean a target price of $1.60. I think this is being a bit too conservative. A more likely target would be a 50% retracement which means a target price of $1.68.
In this new short video, I will show you the steps I am taking to cash in on a fairly substantial move I see ahead for this market.
The last time I looked at the British Pound (GBP) was in April. Today I'm taking another look.
In my last video I showed why I thought this market was about ready to move.
Going back to August of 2008, we've had a very large move down in the British Pound to U.S. Dollar ratio chart. We then had a very large, sideways move from December 2008 to May 2009. This sideways move has made a rounded bottom which is usually an excellent indication of a bottom and a great time to go long.
Also what I like is that we have a monthly buy triangle. We don't get that many monthly buy triangles in this market. In fact, the last monthly buy triangle we had was in July of 2008.
How far can this market go on the upside? To get that answer, we can use Fibonacci retracements.
Currently GBPUSD is $1.51
A 38.2% retracement would mean a target price of $1.60. I think this is being a bit too conservative. A more likely target would be a 50% retracement which means a target price of $1.68.
In this new short video, I will show you the steps I am taking to cash in on a fairly substantial move I see ahead for this market.
Stocks Above I Currently Hold In My Own Trading Account: Long LIFE
Guerilla Trader Quote
“Buy High and Sell Higher: A good goal for the guerilla trader. This goal is more reasonable and realistic than buying low and selling high, because making many small gains in well-established stocks is usually easier than making one or two huge gains in small, unknown stocks.”
Copyright 2009-2011 GuerillaStockTrading.com All rights reserved. No part or article on this website may be copied or duplicated without written consent from GuerillaStockTrading.com and Confab Publishing. Disclaimer: This Web site is designed to provide accurate and authoritative information on the subject of personal finances. It is provided with the understanding that neither the author nor the publisher is engaged in rendering legal, accounting, or other professional services by providing this Web site. The authors and publisher shall not be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential or other damages. As each individual situation is unique, questions relevant to personal finances and specific to the individual should be addressed to an appropriate professional to ensure that the situation has been carefully and appropriately evaluated. This blog is for information and entertainment purposes only. Under no circumstances does this information represent a recommendation to buy or sell securities or any other type of investment instruments. See a licensed broker for investment advice.
Guerilla Stock Trading University