Our first position on the sell-side came in at 1.329 (see attached idea "Selling cable with incoming dollar strength") as we were expecting the highs to be set as markets finished pricing in the expectation of at least a one-quarter 'delay' of Art 50. This '((iii))' leg finished after an inline/soft NFP with 20k jobs killing the flows.
After another soft rally before the "meaningful" vote yesterday we re-engaged selling at the 1.326 level (see attached "An update to cable ahead of the vote"). Those who are paying attention to the 1.311 target managed to book some profits, I know a few from the Forex chat did, which gave us the '((v))' part in our sequence.
Finally we are arriving for the 2nd leg in the 5 wave sequence, we are outguessing that the highs of "iv" will not be taken and looking to swing the enter positions initially towards the 1.28/1.29 area with targets beyond that at 1.24 and 1.21.
Lets see how it goes, feel free to open up the comments below if there are any queries.
The Fundamental back drop driving this would be euphoria over Britain finally moving forward with a Hard Brexit since May has run out of options... Happy Trading!
I have taken 140 pip profit from the brexit votes so far. I have a possible set up pending for later this evening too. Any feedback or thoughts would be appreciated.