As you can see from the above chart GU is on an upward trend. The upper limit of the trend is located around 1.55129 and the current channel terminates at around 1.5370 before moving to the next channel. You can see the 5 major support/resistance zones indicate by the horizontal lines. You can also see how price reacted along the trend line. The strategy is simple go short when the price bounces off clearly established resistance levels or upper trend line,s take your profit somewhere in between. Alternatively, go long when the price bounces off established support level. Another successful strategy is once the trend is up, go long, take your profit at pre-determine level and wait for another opportunity when the price retraces to another support level or along the trend line to enter long again. Honestly, if you have a plan trading is easy. In my next postings, I will discuss more about trading and the simple indicators I use to guide my trade. When I conclude explaining my trading strategy, I will post the results for all to see.
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