Maybe SHORT on GBP/USD?

12 nov. 2012

I'm expecting the price to go and test f'day lows before a switch and move down to 1.5830/1.5820 area. We also have a "M-formation" started on 23.10.12, confirmed on 05.11.12, price already tested the level of 1.6020 (base of the m-formation), got rejected and continued the move down. the "M" will be completed in the area of 1.5830/1.5820. My bias is strongly to the downside till we get that M-formation completed, so I'll be looking to short from 1 of the following 3 spots: 1) 1.5887 2) 1.5900 3)1.5916 with a TP1: 1.5830 & TP2: 1.5800. I won't tell you what stop loss to put on your trades, cause everyone has it's own view but try not to have more than 50:50 risk:reward