19 February 2013

GBP/USD : Waiting for Godot .. Give Up

  • Short position deep in the money. Taken 1/3 profits apx 1.5508 and was hoping to re-sell and increase nearer to 1.5600. But feels like we are not going to get that chance now. Since the weekly triangle break at 1.5630 last week, the high thus far has only been 1.5547.
  • Daily : Remember double top downside target is 1.5341.
  • Weekly : Triangle downside break. Almost always, patient traders will get a pull-back to the break-point for trade entry. But my guess is for this case, market wants to trade towards the 1.5341 level before any meaningful retracement.
  • Trade : Given up on 1.5600. Re-sold some at 1.5480 earlier. Have not used up all my bullets because I am bullish EUR/USD and EUR/GBP. If +EUR performs, expect it will pull up cable somewhat. That's the time to go full house.


Taichiseal said...

"The Pound Gets Pounded" by Peter Schiff

Taichiseal said...

Missing trades :


Today, taken profits on 30% of short position at +1.5344.

Daily double top objective met.