Short on Cable, after burning on a EURGBP earlier
No TA here. And I may very very wrong here, so not making a call to buy or sell. Market will always keep a successful market speculator humble.
Just speculation on the price as with all my trading.
Now that its in the money, stops at BE and will gear in if its runs further south next week.
Retail will was predominantly Long at the break.
The same pattern unfolds very often, after the Retail positioning gets cleaned out, those nervous move to the sidelines, and the angry try to Technically analyze why they were wrong at that point and why it should still be a long, So they often buy in again at 38,2 or 23.6 or at some trendline that is curve fitted to just co-incide with the 23.6, and it does....and then it accelerates down again cleaning them all out again, at this stage Retail start going short, but the move is finished, and as they become predominantly short the market moves NOrth and the cycle repeats.
And thats one reason why TA is usually so un-actionable.
My Humble Uneducated Opinion. (I dont know where you get education for trading though, aside from experience, so maybe I have a little education
But this approach works, search for Mykl on MyFXBook, it doesnt produce those unbelievable results that the adverts promise you but it is the real deal and often the way the big money shifts the trends.
Just speculation on the price as with all my trading.
Now that its in the money, stops at BE and will gear in if its runs further south next week.
Retail will was predominantly Long at the break.
The same pattern unfolds very often, after the Retail positioning gets cleaned out, those nervous move to the sidelines, and the angry try to Technically analyze why they were wrong at that point and why it should still be a long, So they often buy in again at 38,2 or 23.6 or at some trendline that is curve fitted to just co-incide with the 23.6, and it does....and then it accelerates down again cleaning them all out again, at this stage Retail start going short, but the move is finished, and as they become predominantly short the market moves NOrth and the cycle repeats.
And thats one reason why TA is usually so un-actionable.
My Humble Uneducated Opinion. (I dont know where you get education for trading though, aside from experience, so maybe I have a little education
But this approach works, search for Mykl on MyFXBook, it doesnt produce those unbelievable results that the adverts promise you but it is the real deal and often the way the big money shifts the trends.