How's it hunting, trappers!! Did you know we are in a range on the pound? Its from 1.1950- 1.2560 Did you know the UK is in chambles and utter turmoil? Well if you haven't. I'm here to help. Not save the UK but set you up for a monster trade!!
Note: Even though the pound is technically LONG overall the POUND IS OVERALL SHORT fundamentally!!
[u]Here's why it is tricky...[/u] Check out the stoch and the macd.... BEARISH right!! Wrong.... We just made a HH (higher high) at 1.2350 area. Therefore, you don't sell into an uptrend. You look to buy.
What Im watching for is a bounce off the 21ema or price to test the critical point at 1.2215 area that invalidates the uptrend and lets you know its safe to sell. Until then price can wick down that low and close up way higher trapping you early and weak bears... shane shame shame...
The cluster at the short term top looks bearish with all the wicks but its simply telling me that price is going to retrace only to come back again and test the highs. As long as that happens we should get an extension to the 1.2460 area which also happens to be the 1.27 fib....
At that point Ladies and Gentleman, I recommend you assess you risk levels put your stop above the 1.2560 level and look for any short. And when I mean any short.... ALL OF THEM IF YOU CAN :) unless there's a wild news event pound will go from here to the bottom of the range and potentially even LOWER!!
Dont worry I won't abandon you like the businesses are doing to the UK! Ill be giving updates and watching the whale....
**I set the strategy to long but it is really LONG TO SHORT...** Im reluctant to take longs with the climate we are in but i will take a safe trade with good risk:reward if the conditions are good!!
as always happy huntin' happy trappin' boobii
Trade active
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Took a long here ... tight stops Entry 1.2239 StopLoss: 1.2205 TP1: 1.2350 TP2: 1.2460
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TP1 .... HIT!!!!
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Interesting week with the wild ECB... for those who were following should have TP2 hit...
Interesting enough Pound continued to chug up and we are now in some really good resistance from 1.2520- 1-2620 I don't think we should get past the 1.2570 level but I am heavily loading up on short setups up here. Aiming for initial target of 1.2320 and letting the rest run. Will possibly take some profit around 1.2230 if we are here around the Fed...
@jayblack6, how are you making out on the pound trade.... how you didn't get squeezed too tight.... im going to post now about it... im short already 1.2515
jayblack6
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@rickyboobii, yeah, unfortunately SL was hit, I fell into the trap and entered too early haha. Looking to re enter soon
rickyboobii
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@jayblack6, don't you hate when that happens.... as long as you live to fight another day.... shorts will pay more than enough... that is if you are a bear...
jayblack6
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@rickyboobii, absolutely hate it mate & yeah I’m defo short on this pair, just waiting for right time to enter
rickyboobii
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@jayblack6, i hope you are not still waiting plenty of sell opportunities .....
jayblack6
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@rickyboobii, like I always say, better late than never hahaa