Recently Pound is showing strength and it will probably break through 1.5933 resistance. But the next resistance 1.5960 is also top of a down sloping channel. And in my opinion there is not enough steam in pound to break through this one. So I am going to short pound from 1.5960 and expect it to go back to downsloping median line. Profit target 1.58320
However noting is sure in trading so it is also possible that pound will grind through resistance 1.5960. In this scenario I will enter long with profit target set to next resistance 1.6
Comments
scalony
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After I closed short position I really should apply counterthesis and go long but I did not damn it would be such a nice and quick profit.
scalony
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I closed this trade now at 1.5969 with -15 pips loss. Initially it was going down but eventually it went up. EURUSD is climbing and Cable followed.
scalony
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I have just opened short trade at 1.5954 with SL at 1.6008 (54 pips away)