Last 1.5926- SHS top progressing as expected.
- Thus far, pullback towards NL limited to 1.6125.
- Break of recent low at 1.5768 should open way to next leg of fast and furious selling.
- Add to short via sell stop below 1.5768.
- Remember that SHS top objective is 1.5170.
- Thus far, trade has been performing even against a background of USD weakness. Imagine what would happen if we run into a bout of risk aversion/USD strength.
06 October 2009
GBP/USD : Sell Stop-in < 1.5768
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2 comments:
This trade looks good on all fronts:
-on the weekly+monthly charts,
-fundamentals (ie UK relative to others),
-current market action (as you said, viz USD weakness; so shd be even more so during USD strength).
(The BoE is really caught between a rock and a hard place. Again.)
But as you highlighted likewise for the ED-spread trade above, must be especially on guard for the trades that seems to give out all the 'right' vibes...
Indeed .. the best ones are always the ones where you get over-confident and careless with disastrous consequences ..
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