The GBPUSD Trade from the 19th to 21/07/2011

Yesterdays Chart also see previous notes on the trade plan

The GBPUSD Trade from the 19th to 21/07/2011

Since the 19th I posted that i had been watching the £/$ @ 1.6146

The 4hr Anchor system i use suggested we were bullish. As Mr Prices was above the 4hr 55DMA looking and looking for a possiable break as i specified.

Clash And conflict:

Opposite to that my Elwave system said that तेरे is 58% chance that this trade is a finial 5th wave dwn, Targeting 1.6076. Also Mr Price had breached outside my poseidon (Andrew Picthfork) Trend Line and eyeing the warning as illustrated above.

News 20/07/2011
BOE kept intrest rates the Same and there was talk from Mr Ashraf that this could be good and proved a boost in the £.

At his point my realtime Elwave system was still saying that a possiable 3rd wave dwn within a finial 5th wave dwn was on the cards.

Asian session: The Asian session did not force Price below 1.6140 and kept the bullish bias.

Untill early this morning in the european session where MR prices (£/$) rallyed against the dolla taking out 1.6184 kissing 1.6200 then fell to the 55DMA @ 1.6131.

News uk Retail sales 21/07/2011

UK Retail sales came out better than expected

Retail Sales

Actual 0.70%

Forecast 0.60%

Previous -1.30%

Retail stores had been offering significant discounts to there customers which in return boosted overall sales.

Then i checked my Real time elwave system and it had changed it's wave count as prices had taken out its short stop postions @ 1.6184 and rallyed to 1.6200.

By this time My elwave system हद kept up and monitored price change nicely and हद now given a positive count to go long in Submin 3rd wave up or an ABC correction. with a 68% chance of this happening.

The simple fact is that the system changed and had now synchronized with my 4hour Anchor scenario and possiable break out as earlier discribed caused me to raise my eye brows.
A up lifting feeling came from inside and it felt good and right.
So i buckled up and took the trade long @ 1.6147 stop at 1.6120

So in essence

1.I waited for my Real time Elwave count to coincide with Pirice action

2. Waited for Mr Price to hold a significant support area which was the 200DMA on the 4hrs and the 55DMA on the Hrly time frame.

3. Saw that Prices had held within the posiedon warning line .

4. Candle stick hesistation on lower time frames with a doji, followed by a 15 min buy signal

Then BOOOOOOOOOOM!!! 98 pips Later on 1 lot Have a nice pay day Thank you very much!!!

Lesson.

Plan, watch, be patient, wait for the market to come to you and synchronize systems.

and most of all

News and technicals must get Married!!

p.s alway leave a little on the table you never know!!!

Mr K.ijelu