Holding LONG due to good GBP data and pending JPY data
My last LONG took longer than expected (see earlier posting) and there was a dip, but I'm still LONG for the following reasons:
1) The concensus that GBP is doing well and AbeEconomics is still high on QE. GBP data hit it out of the park while I was asleep.
2) Price broken out of triangle and tested it by bouncing against it
I generally follow Danske, they've been long with the same entry/exit for three to four days now. They're still aiming for 172.1 (last I checked - banks usually post their information online).
However, my STOP is the Red dotted line. If the the price dips below the lowest Orange H/L and/or there's strong JPY data, I may take profit and reconsider where the next Long would be or take a very ST Short. The wave count seems to favor a SHORT now.
Oh, and there's still Putin... There's been news that the amount and type of troops he has on the border of Ukraine is eerily similar to the time he went into Georgia and that other place.
1) The concensus that GBP is doing well and AbeEconomics is still high on QE. GBP data hit it out of the park while I was asleep.
2) Price broken out of triangle and tested it by bouncing against it
I generally follow Danske, they've been long with the same entry/exit for three to four days now. They're still aiming for 172.1 (last I checked - banks usually post their information online).
However, my STOP is the Red dotted line. If the the price dips below the lowest Orange H/L and/or there's strong JPY data, I may take profit and reconsider where the next Long would be or take a very ST Short. The wave count seems to favor a SHORT now.
Oh, and there's still Putin... There's been news that the amount and type of troops he has on the border of Ukraine is eerily similar to the time he went into Georgia and that other place.