Earlier choices of 1) STAY LONG through pause or 2) CONSOLIDATE SHORT into triangle played out. The TP Stop on staying LONG triggered. Though there may be a rebound LONG off of the local support lines, going SHORT for the following reasons:
1) Poor GBP two days in a row (When the data came out late last PST night, I probably should have gone SHORT then, rather than now - with the two days bad data in a row and all the tightening of candles)
2) Poor USD data (GBPJPY seems to like to play around with USD announcements)(watch out for NFP tomorrow)
3) MACD and RSI pulled down (probably overly tired of staying up there combined with the poor data)
The SHORT will be confirmed when around 172.1 hits, a small rebound, then is passed. At that point , maybe find a position to add in. Aiming for 100pips and then consider if this is going all the way to the LT Trend line. The Cloud is my current stop, always looking for engulfing candles both ways.
1) Poor GBP two days in a row (When the data came out late last PST night, I probably should have gone SHORT then, rather than now - with the two days bad data in a row and all the tightening of candles)
2) Poor USD data (GBPJPY seems to like to play around with USD announcements)(watch out for NFP tomorrow)
3) MACD and RSI pulled down (probably overly tired of staying up there combined with the poor data)
The SHORT will be confirmed when around 172.1 hits, a small rebound, then is passed. At that point , maybe find a position to add in. Aiming for 100pips and then consider if this is going all the way to the LT Trend line. The Cloud is my current stop, always looking for engulfing candles both ways.