Simple's Green Room

[Qui-Gon Kagi]

pennies.......I'm confused as to why you took the GU short last night at 1.55172. The 4 hour chart had a massive bullish engulfing pattern with that 131 pip candle on the 27th. The price pulled back from that candles top over the next couple days and had already presented a right shoulder on the inverse H&S pattern so I'm really surprised that the price din't move up off the ascending trendline off 4 hour candle bottoms instead of price piercing down through the trendline to give you your 43.6 pips profit during the early morning hours.

Definately a nice bearish channel to work with in the future though on GU. But are you certain that we won't see one more bounce off that lower channel trendline before price finally breaks down through the channel trendline? It looks to me like we're seeing wave D forming currently which would allow for another bounce before price finally breaks down through the channel.