Written by Ross Mullins
Friday, February 26th, 2010
Two trade opportunities in the Daily Trader trade room today:
USDCHF – A sell was taken at 1.0783. A convergence of three indicators were used for confirmation before entry; historical support and resistance, a break below the 4 hour trend line and the bounce underneath the main Tunnel indicator. There were reports of profits taken from 30 to 40 pips on this trade. With the break of the long term trend line to the bottom we may be seeing the beginnings of a pullback of the trend we have been in since the beginning of the year. We will definitely keep an eye on this going into March.
GBPUSD – A buy was taken at 1.5194. This trade was taken looking for a bounce at historical supports. Reports from traders in the live room of 15 to 50 pips of profit taken on this trade.
