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GBPUSD: In a clear bullish market condition

The GBPUSD was rejected from the most important long term support level at 1.6156, this creates a bullish market condition. Please take a look at the next chart:

GBPUSD

GBPUSD

Remember the market condition is different from the market trend. In this chart for example, the general trend is a “range” 1.6654 – 1.6156, but the market condition is bullish because it has been rejected from the main support level. The market condition tells us the direction for the next hours/days.

My Trading Plan:

Look for long trading opportunities, all take profit levels will be placed below the next resistance level at 1.6654.

All short opportunities will be ignored.

Trade Safe

Raul Lopez

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This entry was posted on Tuesday, September 22nd, 2009 at 2:58 pm and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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