This Pound has had an amazing run and I do believe its going higher but im getting the feeling that a correction is due. We hit resistance at 1.3160 which also lines up with the 1.272 extension of the last leg up and I also have 4hour bearish divergence. Those 3 factors combined and seeing the DXY bottoming at the 93.00 level is giving me confidence to take this short. I want a tight stop loss on this one or if you take a small position you can put a wide stop loss because if this trade goes against you there is a high probability it will retest this level, act as support for the continued move up. I always want to put myself in a position where my entry point will be short term support turned resistance or vice versa - this gives me an opportunity to exit with small loss, break-even, or small profit.
Note
This looks really ugly guys I will repost similar thoughts - but this puppy tanked just after I posted @ 9:09 eastern time.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.