Holding LONG into weekend, may SHORT at capping H/L line
Mixed GBP data:
1) Guess Brits are importing more due to the stronger currency with the worse than expected current accounts
2) But GBP GDP is as expected, which signals continued strength
So, the last LONG took 6 hours or so longer than 'guessed' (see earlier posting) and happened while I was asleep.
I'm WATCHING the 15min Chart to see if a BEARISH engulfing candle forms or whether it'll meander up to the higher capping H/L line. However, I continue to hold LONG from for the following reasons:
1) Strong overall GBP data the last two days
2) Following Danske bank: they moved up their SL, but still have TP at 172.1 (the upper capping Orange dotted line, looks like).
3) It's the weekend (GBP mortgages Monday and PMI Tuesday, and some JPY data scattered throughout)(and even if Putin does something, well... I'll tighten my TP stop.
If the upper Orange dotted H/L holds, it looks like a really large triangle consolidating pattern is forming. I'm strongly taking profit at 172.1 or thereabouts and then consider SHORT.
1) Guess Brits are importing more due to the stronger currency with the worse than expected current accounts
2) But GBP GDP is as expected, which signals continued strength
So, the last LONG took 6 hours or so longer than 'guessed' (see earlier posting) and happened while I was asleep.
I'm WATCHING the 15min Chart to see if a BEARISH engulfing candle forms or whether it'll meander up to the higher capping H/L line. However, I continue to hold LONG from for the following reasons:
1) Strong overall GBP data the last two days
2) Following Danske bank: they moved up their SL, but still have TP at 172.1 (the upper capping Orange dotted line, looks like).
3) It's the weekend (GBP mortgages Monday and PMI Tuesday, and some JPY data scattered throughout)(and even if Putin does something, well... I'll tighten my TP stop.
If the upper Orange dotted H/L holds, it looks like a really large triangle consolidating pattern is forming. I'm strongly taking profit at 172.1 or thereabouts and then consider SHORT.