Risk OFF! (Looking for a LONG after weekend)
As GBPJPY seems to follow USD data, it took a nice rise with NFP, then nose dived when people started delving into the details. Workforce participation rate is on a steady decline, which makes the unemployment rate seem skewed. TP off of prior idea's LONG and went SHORT for the following reasons (beyond the issue of workforce participation in the US):
1) RSI and CCI tandem-ed together for SHORT
2) MACD cross went SHORT (confirmation off continued SHORT when MACD crosses zero)
3) Russia called for an emergency UN security meeting
4) Engulfing candle
Looking to bust the smaller MAs and a rebound off of the longer MA. Tight SL.
1) RSI and CCI tandem-ed together for SHORT
2) MACD cross went SHORT (confirmation off continued SHORT when MACD crosses zero)
3) Russia called for an emergency UN security meeting
4) Engulfing candle
Looking to bust the smaller MAs and a rebound off of the longer MA. Tight SL.
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