1. USDGBP is on a long term down trend . . . can't argue that one.
2. Short term (30m) also shouts down trend.
3. PRICE below the 100SMA and pointing downward - I know there have been upticks and that's what I'm looking for !!
4. I am a SELLER at the moment looking for pull backs to SELL again
Friday gone - PRICE pulls back to 100SMA and rejects . . . moving to the 5m chart would have given you the nod to go SHORT but unfortunately I can't post 5m charts on the main board. The 5 day average daily range was 130points (black dashed line from the H) which coincided with the 61.8% retrace from the 25/10 L to the 11/11 H and gave a strong target and support for the day.
MONDAY . . . "I don't like Mondays" . . . like sprinters out of the blocks, it takes time to get up to speed and I often find I don't trade on a Monday unless there is a gift of an opportunity. 5 day AvDaRa isn't going to change that much so I've plotted same again (fushia dashed line down fropm the last intraday High and green line up from the Low) . . . I stress this is conjecture, as by the time Monday comes Sydney and Tokyo would have added to the information through Sunday PM/Monday AM and the point at which the 5 AvDaRa begins will have changed to the current day H and L.
Autumn Statement out on Wednesday . . . the usual stuff no doubt with Peter to Paul in taxes and some Fiscal policy to add to the monetry policy from the new Chancellor. I am not an economist nor do I pretend to be or really care what the statement will say . . . what I care about is how the City reacts (if at all). I will happily go from SHORT to NEUTRAl to LONG but only if on my 30m charts PRICE is above the 100SMA and pointing north and taking the 10/20SMA with it and creating new higher highs and new higher lows . . . not forgetting the long term trend remains down.
2. Short term (30m) also shouts down trend.
3. PRICE below the 100SMA and pointing downward - I know there have been upticks and that's what I'm looking for !!
4. I am a SELLER at the moment looking for pull backs to SELL again
Friday gone - PRICE pulls back to 100SMA and rejects . . . moving to the 5m chart would have given you the nod to go SHORT but unfortunately I can't post 5m charts on the main board. The 5 day average daily range was 130points (black dashed line from the H) which coincided with the 61.8% retrace from the 25/10 L to the 11/11 H and gave a strong target and support for the day.
MONDAY . . . "I don't like Mondays" . . . like sprinters out of the blocks, it takes time to get up to speed and I often find I don't trade on a Monday unless there is a gift of an opportunity. 5 day AvDaRa isn't going to change that much so I've plotted same again (fushia dashed line down fropm the last intraday High and green line up from the Low) . . . I stress this is conjecture, as by the time Monday comes Sydney and Tokyo would have added to the information through Sunday PM/Monday AM and the point at which the 5 AvDaRa begins will have changed to the current day H and L.
Autumn Statement out on Wednesday . . . the usual stuff no doubt with Peter to Paul in taxes and some Fiscal policy to add to the monetry policy from the new Chancellor. I am not an economist nor do I pretend to be or really care what the statement will say . . . what I care about is how the City reacts (if at all). I will happily go from SHORT to NEUTRAl to LONG but only if on my 30m charts PRICE is above the 100SMA and pointing north and taking the 10/20SMA with it and creating new higher highs and new higher lows . . . not forgetting the long term trend remains down.
Comment:
Naturally that should read GBPUSD and not USDGBP . . . for some reason even though it says the post allows me to make an edit, it won't so I'm stuck with USDGBP