Slept in today and missed the short breakout on the Pound at around 6:35 Am this morning. Rising wedge bottom seemed to have formed over the past 40 minutes. I may take a new short position if it breaks down below 1.8720 Edit: Actually it broke above the short term swing hig and looks to move higher. I am taking a small position here at 1.8746 with a stop at 8736.
If I understand you correctly, you are saying that the move is a bit overdone and you'll need a fresh signal? If so, I think you may be correct as evidenced by the 5 minute chart on both Euro and Pound. I am watching that time frame to see if this bounce will be short lived.
It was looking like a pause in the drop and perhaps a new entry for a short if it broke down bit instead it moved higher above the wedge top line and CCI/MACD and stochastics were all moving higher. So I got in at 8746 for a short-term scalp.
Well. it looks like it will be just the 65 pips! Last trading day is tomorrow. Euro fx currentlyaround 1.27300 so my 1280 call won't be in the money unless we have a rally. Still profitable--
The attached chart shows the point where I got out of the longs that would have been a disaster later today. Comment if you would like!
Well I got in at 8746 and then added more at MA support at 8739 and sold off in 2 pieces at 8750 and 8743 for a small scalp. Pound did not surge after the breakout so I decided to just take the scalp and get out of the way
I believe this to be the beginning of large down moves in Euro, Pound, Franc and maybe to a lesser extent Aussie. This is dependent on the closing price today and tomorrow. I'm already short. (Not the Franc though--it doubles the Euro).
Canadian has a bit more work to do to make it an all out bear. I can certainly see the way the chart could look, but right now short term we need to break .8981 (basis Sept) convincingly to change the daily trend. If I am wrong on the call for major downmoves, I will pare my losses and not lose more than 2 percent of liquid net worth on one individual market. In this case since all are currencies, I will limit that to 2 percent on the idea.