FOREX

I am watching a few things develop in forex and I am going to work on my skills. I am looking at GBP/USD as it is hitting a channel line on a daily chart. Since it is in a 3 month downtrend, I suspect this may hit the upper channel line and may come back down. I am going to buy a sell limit order in a 1.6490 with a stop loss at 1.6591. This is about 50 pips higher than my usual stop loss, but I need a little wiggle room. I may be pulling the trigger a little too early, but I like the set up on the chart.



I am also looking at the USD/JPY. It has been in a strong downtrend and has had an upswing. It is sitting in a narrow channel and 87.10 is going to offer huge support. This is a 200 - 300 pip move. I want my entry to be near 90.54 so I am setting a sell limit order there.