05 October 2010

EUR/GBP : Daily Key Reversal

  • Short at 0.8588. Was going to look for suitable place to cut loss. High since I sold is 0.8756. Yesterday's price action has made me change my mind about cutting this.
  • Daily candle = Bearish engulfing pattern = represents an abrupt turnaround in psychology. If we see follow through selling, the weekly and monthly charts will be bearish too.
  • So, short position is maintained.

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