This Idea assumes the Brexit situation remains uncertain
Brexit complications have been weighing heavy on the Pound. PM May's position is under question, and many of her cabinet have resigned. Thus the massive leg down over the last 24 hours.
Now I am looking for a bounce to short. Red zones should be resistance to watch for signs of reversal. Green zones should be supports for profit targets.
Background: I am a Dollar Bull and Pound Bear, and will remain so until BOE starts talking about rate hikes or PM May starts presenting a positive and plausible Brexit scenario.
My GU adventure started with a search for top of uptrend around Sept 20th
Then came the big drop, which I caught most of. I started looking for bounces to short
Next I was looking for 1.2700 as a bottom which was hit and bounced hard
After taking some longs on the bounce, I was looking for shorts again:
Rode it down to 1.283xx and then good Brexit news made it bull, which I caught one leg of
Well we all now what happened to bring it down. So now looking for a bounce to short again
Comment
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GU smacked into my possible entry zone
I am not liking that it pierced above a little, watching closely
Do you agree?