CHART FROM WEBSITE

SOME OF YOU HAVE TOLD ME YOU'VE HAD TROUBLE VIEWING YESTERDAY'S GBP CHART ON THE WEB SITE.
TRY THIS ONE.

The pullback to test the pivot has begun. We are approaching 9820. Remember only go long on a pivot reversal. If you cannot watch the market place your limit orders and only scale in if you trade multiple contracts.

place half your position at 9806 and the other half at 9787. take profits at today's high on the first position and 9820 on the second. Yesterday's bullish range bar is the biggest risk as the market my want to test it.

The most conservative play of the day for daily chart players is to place your long entry around 9755 near the low of the 4hr range bar from yesterday and place your stop a few pips below yesterday's low. If you are playing say 5 contracts, place a limit to go long at each support level to spread out your risk.

When you scale in this way you will make a profit when the market falls below your entry level to the next support level then come back up to your level with 2 or 3 contracts instead of 1. It only has to come back 50% to you for you to break even instead of all the way. Also you will have at least 1 position if the 1st level holds so you don't risk missing the move.

Between 8:30 and 11:00am est the U.S. has 5 data announcements so be carefully as the talking heads have plenty of excuse to shake you out of your positions.

There is a G7 meeting this weekend and the markets have a tendency to do strange things before G7. Each county tries to manipulate their currency positions as bargaining chips the way China did yesterday.

See, some of your biggest adversaries are governments because they also play the currency game.

Jerry