The Bears easily out performed the Bulls on this one. The Bulls could not keep traction, and now Bears have control. Those Wicks, mean that the Bears aren't playing around. I'm in at 1.22311 Willing be looking for candle formation at support, to see if momentum, will drive through support or hold.
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Stop at breakeven, USD relentless across the board
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USDJPY Powering away, Systemically weak GBP soon to follow .
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if this closes below 1.21731, then my trade stays open, going into USD data, stop at breakeven, whats the worst that can happen, the best ?
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Usually, I would close this trade right at support as it is now. But I'm gonna be naughty and keep it open, because I have an edge, insider 'secrets' about this market, so, I'll keep this open for further losses, with stop at breakeven.
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Extremely high velocity through support, no reason to exit this trade. Systemically weak GBP, venerable to Friday News. Stops moved to the next level of support, now resistance
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Extremely high velocity through support, no reason to exit this trade. Systemically weak GBP, venerable to Friday News. Stops moved to the next level of support, now resistance
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The blue arrows point to consolidation, shown by spinning top doji's. This consolidation area will be heavy resistance. and Since we had a good, high velocity break of support this trade stays open, through the weekend. This move upward is just a retracement. And this just in, the UK's financial sources are unstable, and the UK's income and GDP most likely to slow up significantly, most likely to see economic drag. So this is a long term trade, firstly based on candle sticks and price action, and motivated by fundamentals .
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at any time that I get out, I'm looking for retracements to get back in
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Brexit Threatens British Pound Reserve Currency Status, Says S&P
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The economic calendar for this week, the week of Oct. 31, is filled up to the brim with economic data and fundamental indicators. We will likely see a break of this triangle. So, with a break of the triangle, and support give a further bearish bias, with the trading staying on, and stops moved down to support turned resistance.
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The economic calendar for this week, the week of Oct. 31, is filled up to the brim with economic data and fundamental indicators. We will likely see a break of this triangle. So, with a break of the triangle, and support give a further bearish bias, with the trading staying on, and stops moved down to support turned resistance.
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Entered second trade near horizontal line . ..
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So, I trade by fundamental analysis, and technical analysis, and this bull rush came from news that Governor Mark Carney of the BOE, is serving an extra year. Apparently, market participants have a strong feeling that Gov. Carney will make a softer landing for Brexit. As far as I'm concerned, I still have a bearish fundamental bias, the GBP. When we look at the chart, zoomed in on the pennant pattern, we're still inside of that pennant, so I'll leave the trade on. Moreover, I understand that this week will have above average volatility, with meetings from every major bank, and a calendar full of data. So, If the pennant breaks upward, then trades are off, and if it breaks downward, then the bearish bias is still on, and all targets still in focus.
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I'm in this trade for the long term, by long-term I mean week long trade. A small break upward cannot take it out. I won't take this out on a false breakout. It has to be a break with conviction, and at least some fundamental motivation as well. Depending on the magnitude of fundamental conviction with a downside break, this trade can stay open through the weekend till next weekend. If the downside break is not substantial enough, then I'll take this trade off for the elections.
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Trades closed for big loss ... mistakes at initial support and top resistance
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Nanz
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next time take profit at support. and exit at resistance. Consolidation Market