- Rally in GBP/USD from recent low of 1.4780 2 weeks ago a concern for bears. Now at 1.5301.
- However, whilst painful in terms of open profits given back, the magnitude of the rally has not changed the overall bearish picture too much.
- This current retracement (pink) looks very similar to what happened in Jan10 (red). Expect down leg to follow when this is over.
- Reminder that successful Trend Following is 80% money management and 20% timing/directional call. Not over-committing and avoiding being squeezed out while you still believe in the trade - that's what it's all about.
- [Same outlook for EUR/USD].
No comments:
Post a Comment