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It was a chilled mid January 2013 when few intellectual & enthusiastic Londoners/potential traders attended the Prop Trading Course in the London headquarters of "Learn To Trade (Knowledge to Action). They got together & discussed the idea of making a group to share their knowledge & learn from each other, which resulted the formation of this group/community.
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Regarding current Sterling/USD pair, Adam was saying this would be likely to go up due to $ weakness, i'm not so sure, though the triangle does seem to be guiding the current price action this is certainly not one for prop trader rules but I think it's worth analysing because these are two major pairs.......what do we think about this pair?
ReplyDeleteI copy Saj's reply to me here (Thanks Saj)
Would you please elaborate that which set-up you are talking about? is it a Trend Reversal OR Range Based Reversal?
RSI Divergence is absent which is compulsory check in both type of setups.
If its Range Based Reversal then EMA's are not flat since two weeks. This compulsory check fails as well.
If its Trend Reversal then we will consider it a pull back (phase 2), no trade.
In order to make current bar a reversal bar (low test bar) price needs to come down a lot & then go up to make a low test bar, which I don't see
For me its a very very weak set-up, as GBP is not helping in the chart to take it up (check EUR/GBP), its the Dollar which weakening that's why its showing that it might go up but I think it will stuck up some where very near that's why we are not getting all compulsory signals. We have tripple dip recession which affected the GBP a lot & its falling in all its pairs (although they are not in our contract list).
So I think its not worth taking a trade. What everybody else think?