Another British Prime Minister has quit. How many of you guys have made any money trading this piece of news?
Made little bit on recovery of GBP/USD. Now waiting for it to fall again.
I was short the GBPUSD, Target hit.
Now I am long, looking ultimately for move up to 1.15.
Nothing going on in the GBPUSD that isn’t pure technical trading atm.
Will take alot of effort to get over the MA20 on the weekly chart, so reckon your target is sensible.
I am just trading the Volume Gaps…although I do feel that Risk On is in a bit of a ‘Climbing the Wall of Worry’ mode…other than than the Sliding Down the Slope of Hope that it has been on recently.
That Weekly 20MA is quite some way off for a trader looking at lower time frames and I couldn’t really make an argument for it having interacted much with price in recent chart history. For me, the Weekly 50MA seems to be the Dynamic S/R of significance.
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If you like using MAs to identify targets and/or potential trade locations, try sticking on a 5ema set to be calculated based of candle high, and another 5ema set to be calculated based of candle low, thus creating 5ema ‘bands’.
If you do this on the Weekly Chart, you will see a few times when price tested the upper band on the recent highly directional Weekly bear impulse move, whereby trend following setups can be seen on the 4Hr chart.
There have been good opportunities to make money shorting the GBP since 01/06/21.
Question is when will it stop going down…? Wish I knew.
No idea. I’m out of GBP now (actually since 26/09). No immediate prospects of new entries either direction but long GBP/AUD is top candidate.
80 pip spike in GBP/USD when Truss announced resignation. Now its back where it started. Market does not know whether this is good news or bad news.
Not convinced market cares. May all be about the dollar?
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