05/11/07

Yesterday low in gbp/usd was at 771. So after big decline yesterday and weakness today I shorted in anticipation of further downside. But after first big down 1min candle it stopped. It's absolutely unusual to have a stop in so much weakness, so things are not so weak at all. I traded with half of my size because that way I'm in smaller position if I add. I always add.
I exited and open reverse position.

After several unusual minutes of not moving at new lows I added new long position. For me those 10 minutes of nothing was the main clue to stay long and wait. It was such support, subtle but strong.

I was pretty patient by my standards and waited until I got some reward.
+6+22+24= 52 half size; +26 pips


It was hard to watch how 20EMA was resistance to 7 5min candles.


I didn't want to stay because I got to go off line shortly and I don't know will the downtrend be reversed or what.