About Art of the Chart

Art of the Chart Author I'll be scouring the charts for "actionable masterpieces". These will be signficant chart patterns or set-ups that I feel are not only tradeable, but also have a high probability of making big profits with little risk. Whenever I spot an "actionable masterpiece", I will post an annotated chart (my chart art) along with an explanation. My goal is to help you learn how to spot these low ocurring but highly profitable "actionable masterpieces" yourself.

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July 2007

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Sell GBP/USD

Posted 13:38 09 July 2007 by Forex Ninja

The pair looks to be forming a near-term top here with 2.0200 being a strong resistance level. Its ascending trendline has also been broken.

GBP/USD, Daily

There is hidden bearish divergence here with price forming a lower high while the oscillator has done the opposite.

GBP/USD, 4-Hour

I'm going to short at the fresh market price of 2.0165. My stop loss (SL) will be 2.0215, comfortably above the 2.0200 resistance area. My profit target (PT) will be 2.000.

Sell GBP/USD @ 2.0165 | SL: 2.0215 | PT: 2.0000

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Comments (4)

Hi, could you please tell me what time time frame you charts are on here. Also how long do you think the trade will need to be kept open before it hits you expected target profit or stop loss. kind regards Enda.
Enda | Posted 07:34 10 July 2007
Hi I sell both AUD/USD and GBP/USD and both went against whats the reason. Nilesh
neemanilesh | Posted 18:24 10 July 2007
The timeframe are the charts themselves if you look closely. They are daily and 4-hour chart.
ForexNinja | Posted 18:57 10 July 2007
AUD/USD and GBP/USD strengthened today due to the US subprime mortgage debacle. There was news that Standard & Poor's may cut the credit ratings on $12 billion of bonds backed by subprime mortgages, a move that may force investors to dump the securities and exacerbate losses at hedge funds and securities firms. Ratings of 612 pieces of residential mortgage-backed securities were placed on CreditWatch with negative implications, New York-based S&P said today in a statement. The bonds represent 2.1 percent of the $565.3 billion of similar bonds rated by S&P. Some investors are required to sell their bonds if they are downgraded, potentially driving down prices of $800 billion in subprime mortgages and $1 trillion of collateralized debt obligations, which package mortgage bonds into new securities. The announcement triggered the the U.S. dollar to fall to a record lows against EUR and GBP and weaken across the board.
ForexNinja | Posted 19:01 10 July 2007

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