TL slightly broken (Consolidating or Pausing on this LONG)
Seems the run up to the poor GBP data (it didn't seem too bad to me, but then who'm I to say) on Construction PMI (if the market believed it was bad, we would definitely had a stronger reversal) gave this long LONG a significant pause. The difference between yesterday's pause and today's pause is the tighter grouping of the candle signals - at least what it seems to me.
Two choices:
1) HOLD LONG on the continued march to a REVISED LONG target of 174.5+ (Danske moved their target up into the what seems to be a channel)
2) Or TAKE PROFIT and SHORT into the CONSOLIDATING TRIANGLE
I am going to HOLD LONG and wait until a more significant ENGULFING CANDLE appears or wait until some neck threshold or a double top forms on the 15M or 1H. Probably will confirm a double top with the MACD and RSI.
HOLDING PATTERN LONG: more volatility around
1) GBP Services PMI comes out PST tonight.
2) USD unemployment tomorrow morning early PST
3) USD NFP Friday
Two choices:
1) HOLD LONG on the continued march to a REVISED LONG target of 174.5+ (Danske moved their target up into the what seems to be a channel)
2) Or TAKE PROFIT and SHORT into the CONSOLIDATING TRIANGLE
I am going to HOLD LONG and wait until a more significant ENGULFING CANDLE appears or wait until some neck threshold or a double top forms on the 15M or 1H. Probably will confirm a double top with the MACD and RSI.
HOLDING PATTERN LONG: more volatility around
1) GBP Services PMI comes out PST tonight.
2) USD unemployment tomorrow morning early PST
3) USD NFP Friday