TP on letting GBP breathe
Danske got this one: they wanted 172.5, they got it. TP off the last idea, now going SHORT for the following reasons:
1) No GBP announcements until Tuesday evening PST, and on the vague concept of allowing currency to breathe
2) Weak collaboration signal on CCI and RSI. Typically I would like them to fire at the same time.
3) According to online news, CFTC shows JPY shorts are reduced. You can take this two ways. Go with the herd, or assume that there'll be some huge buy-in LONG to take up all the "cheaper" SHORTS.
4) The price is at that LT consolidating triangle.
The issue I have here is the weak JPY trade balance - it may call for further loosening. That, and the CCI and RSI not working in tandem.
Confirmation of SHORT if RSI can break that rising trend. SL at around 172.5, thereabouts. Tight STOP with hopes of moving it to BE. Aiming for the lower part of the consolidating triangle, waiting for new data announcements, starting with USD's existing home sales tomorrow morning. (It's kind of a quiet week data-wise, would expect more breathing - if that's a forex concept.)
1) No GBP announcements until Tuesday evening PST, and on the vague concept of allowing currency to breathe
2) Weak collaboration signal on CCI and RSI. Typically I would like them to fire at the same time.
3) According to online news, CFTC shows JPY shorts are reduced. You can take this two ways. Go with the herd, or assume that there'll be some huge buy-in LONG to take up all the "cheaper" SHORTS.
4) The price is at that LT consolidating triangle.
The issue I have here is the weak JPY trade balance - it may call for further loosening. That, and the CCI and RSI not working in tandem.
Confirmation of SHORT if RSI can break that rising trend. SL at around 172.5, thereabouts. Tight STOP with hopes of moving it to BE. Aiming for the lower part of the consolidating triangle, waiting for new data announcements, starting with USD's existing home sales tomorrow morning. (It's kind of a quiet week data-wise, would expect more breathing - if that's a forex concept.)
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