GBPUSD shorting plan: GU down unless great Brexit news
Updated
GU opened the new week with a Gap down based on Brexit news.
Waiting for an attempt to close the gap, although I think it will not close it entirely, at least not early in the week.
Next scheduled Brexit news is on Wednesday, after the EU summit at which time negotiations are to continue.
So my speculation is that the Pound will be week for the first half of the week at least.
And if there is even more uncertainly thrown in the mix on Wednesday, Ruh Roh!!!
But lets see how this plays out for next day or two.
Background:
My GU adventure started with a search for top of uptrend around Sept 20th
Then came the big drop, which I caught most of. Then I started looking for bounces to short
After catching a few scalps and a couple big rides down, I was then waiting for a pull back again
Then, just before NFP, the Pound started getting some good news and showing signs of bullishness so I threw some longs down
The I started looking for shorts again, as the uptrend started to get tired
Which brings me to the current plan, to try and capitalize on the Brexit uncertainty which caused the gap down after weekend
Waiting for an attempt to close the gap, although I think it will not close it entirely, at least not early in the week.
Next scheduled Brexit news is on Wednesday, after the EU summit at which time negotiations are to continue.
So my speculation is that the Pound will be week for the first half of the week at least.
And if there is even more uncertainly thrown in the mix on Wednesday, Ruh Roh!!!
But lets see how this plays out for next day or two.
Background:
My GU adventure started with a search for top of uptrend around Sept 20th
Then came the big drop, which I caught most of. Then I started looking for bounces to short
After catching a few scalps and a couple big rides down, I was then waiting for a pull back again
Then, just before NFP, the Pound started getting some good news and showing signs of bullishness so I threw some longs down
The I started looking for shorts again, as the uptrend started to get tired
Which brings me to the current plan, to try and capitalize on the Brexit uncertainty which caused the gap down after weekend
Comment
GU approaching a nice shorting zone. Watching closely for signs of reversal on 5 min chart. Comment
GU short fired, per price action on 5 min candles Comment
oh well, looks like there is some good news about Brexit, so it should counter the move down. Am out of shorts at BE for now
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