01 February 2011

GBP/USD : New Short @ 1.6133

  • Monthly triangle line at 1.6156.
  • Sold at 1.6133. One of those trades that has little chance of success, going against prevailing mood (base rate hikes), so done in tiny only. Have to be ready for possible false (as well as real) upside break of triangle. Will only put on some size if this turns around on daily and weekly.
  • Much like buying CNY lottery ticket.

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