higherSelfishness
Active member
As good a time as any to short gbp/usd, but probably going to be in for the long haul. Sell @ 1.63524, stop @ 1.64447. I can easily see this trade lasting the week...
What timeframe are you trading?
No, I don't think you misunderstood based on your response.4 hour/daily chart. Either/or, you can see it on both. Or did I misunderstand your question?
You've been in negative territory from the off and talking of 'relaxing' your stop which I presume is pushing it further away.
I just don't see cable as a short in any timeframe, but my performance is far from stellar so you're probably onto a winner - eventually.
Your initial stop level was a good call - be a shame to spoil it by moving it now having sat through a day of almost 100% of risk drawdown.
I'm with you on this, although I'm gonna wait till tomorrow's close to decide, if the upside doesnt breach a bit too much and if tomorrow is bearish.... From the weekly i see 3 strong resistance levels, so my bias is a correction to 1.61/62, but bear in mind the nov jobs report for UK.... All pmi's came out strongly, so it could put a dent to shorts... And FOMC's non taper could make the cable violently bullish.... Or maybe there's some fundamental surprise in store.
Did you enter? The 10th was "bearish" ... albeit feebly. And the 11th still imparted ample opportunity to climb aboard. If you're in, I can easily see it going further than your 1.61/62 to test the Nov 12 lows, but that will require discipline and patience.
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