- Now trading at 0.8698. Triangle support line is at 0.8676, just nearby.
- Not going the way I had envisaged, although my scenario of triangle continuation (ie buy EUR/GBP in line with long term trend) is by no means disproven yet. Clearly momentum is on the downside, as it has been for a while now.
- Previously I would have been trying to go against market momentum and buy this. Not now. Wised up and not given to doing such foolish trades anymore. Doing so would automatically build in a layer of inertia into my trading and prevent me from going with a downside break of the triangle. Important to avoid doing things that will subtract from one's flexibility.
- Better now to 1. Watch if triangle support holds. 2. If it is tested and holds, then there is always plenty of opportunity to buy it on the way up. 3. If a downside break occurs, go with it and sell EUR/GBP as a fresh trade.
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