Buy GBP / USD at 1.6188 (green line under the arrow)
Reason : the price has already reached lower BB, 120 period (weekly), deviation 3. It was trying to reach the lower level, but too bad, everytime it went down, then the next candle ( TF 1H) would always try to reverse.
Now look, the price is already above the lower BB, 120 period, deviation 1, that means its trying to reach the middle BB (or weekly MA).
I have not set my profit taking yet, but I think the price will try to reach the weekly average line (magenta) before it will go back down. So, lets see what will be happen when the price touchs that weekly MA line, and then maybe I will close my order arround that line.
Update :
Now is 13:01 at system time, and the chart looks like this :
And, since I have to leave my open position for a while, (need to go to visit and old friend), so I think I better set it up now, my profit target. See that red line with an arrow, that is my profit target, which is equal, or on the same level with the weekly MA. Lets wait and see what will be happen tonight.
Result :
Profit +160 points (August 28, 2009, time 14.10 system time)
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