Indecision (Still went long at 168.4 with TP stop set)
So, the TP stop from my last long (see earlier posting) was taken out at opening with that head jerk. Guess people had placed orders prior to last close (or NZ traders went nuts) thinking that there would be craziness with Putin and his cronies.
A triangle seems to be forming. Typically that means a breakout in favor of the current trend (which is SHORT), but I read somewhere that if there is any triangle, a trader should only look it as the market is indecisive and you should look at the whole picture. So, I choose to go LONG for the following reasons:
1) I follow Danske Bank, for the most part. They went LONG last Friday at 169, with a SL at 167.5. Their target is, like, 172.1 or something. I await their update.
2) Even with the increase in Sales Tax for JPY in April, the BOJ has been adamant about QE. They've been talking about the tax hike for a while now, so that should already be priced in.
3) Even with expectations of a slowdown for GBP in the Spring, we're only into the second of it, right? Also, GBP's CPI comes out Tuesday morning (my Monday evening). There'll probably be speculation for that.
If LONG prevails, I'm looking at the upper Yellow line, then the first Orange H/L line, then the second Orange H/L line.
If my TP stop is taken, then I'll consider SHORT, targeting the lower Yellow line.
A triangle seems to be forming. Typically that means a breakout in favor of the current trend (which is SHORT), but I read somewhere that if there is any triangle, a trader should only look it as the market is indecisive and you should look at the whole picture. So, I choose to go LONG for the following reasons:
1) I follow Danske Bank, for the most part. They went LONG last Friday at 169, with a SL at 167.5. Their target is, like, 172.1 or something. I await their update.
2) Even with the increase in Sales Tax for JPY in April, the BOJ has been adamant about QE. They've been talking about the tax hike for a while now, so that should already be priced in.
3) Even with expectations of a slowdown for GBP in the Spring, we're only into the second of it, right? Also, GBP's CPI comes out Tuesday morning (my Monday evening). There'll probably be speculation for that.
If LONG prevails, I'm looking at the upper Yellow line, then the first Orange H/L line, then the second Orange H/L line.
If my TP stop is taken, then I'll consider SHORT, targeting the lower Yellow line.