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The GBPUSD put in a massive fakey reversal setup today between the strong resistance area of 1.5900-1.6000. Note the false break that occurred of 1.5900 and the high of Tuesday’s mother candle.
Keep in mind this is a counter-trend setup and given the significant weakness of the U.S. dollar across the board lately, we do not recommend anyone buy the greenback at this point. We simply wanted to show what a solid fakey formation looks like to see what price does from here. This one really could go either way because it is counter-trend, and as you are aware we rarely take counter-trend positions.
Fakey setups of this size sometimes experience retracements, to learn more about the fakey setup click here: Forex Fakey Setup
To learn more about how exactly I trade forex fakey setups check out my forex trading course.
Commentary:
The U.S. dollar was mixed today, beating out the British pound, Swiss franc, Australian dollar and New Zealand dollar but losing modest ground to the Canadian dollar, euro and Japanese yen.
The GBPUSD formed a massive bearish fakey setup and we are seeing signs of possible counter-trend moves setting up in some of the other major currency pairs as well.
The Dow dropped 47.23 points, or 0.44 percent, the S&P 500 dropped 3.53 points, or 0.31 percent, and the Nasdaq lost 7.94 points, or 0.33 percent.
wow!!! Nial you are good. more power to your elbow
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abayomi m akanmu said,
October 2, 2010 @ 12:03 pmHi Nial, that pound dollar reversal pattern did not pan out yet. it is still going with the uptrend. Thanks for the warning.