GBP/USD : Anticipating ...

• As feared, many of the TL breaks I pointed out earlier have run into some trouble ie no follow thru
  
• TL breaks are necessary but not sufficient for profitable trading of trend changes (I guess ...)
  
• To be fair, some of the TLs had not broken yet (eg USD index + USD/CAD). Was early in positioning for a break on the basis of others taking out their respective TLs
  
• Overall risk kept small precisely for this reason. Prepared to allow plenty of leeway for adverse moves before throwing in towel on idea of Risk Off
• With respect to cable, a much more reliable trade signal would be the development of some kind of right shoulder now so that we eventually get a SHS top. NL is at 1.6124, a close below which I am prepared to step up risk substantially. Until then, trade like a mouse.
• New highs in AUD worrying though.