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Was just going to write a post when I had to trade. In and out in about 30 seconds there.
The sentiment of quite a few analysts has been bullish on the GBP/USD. However it can’t be denied that toppish signals have also been evident because of interest rates etc.
I favoured the short today for a number of reasons, although I am right now out of the trade and even thinking of buying now.
1) All my charts are saying short in terms of the signal.
However in this instance there is a) support at 2.0500/2.0525 AND a lot of the experts/analysts are saying buy - for example:
GBPUSD - The ratio of long to short positions in the GBPUSD stands at -2.66 as nearly 73% of traders are short. Yesterday, the ratio was at -2.39 as 71% of open positions were short. In detail, long positions are 0.2% lower than yesterday and 29.1% weaker since last week. Short positions are 10.9% higher than yesterday and 66.9% stronger since last week. Open interest is 7.6% stronger than yesterday and 5.3% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD gains.
(FXCM SSI)
03:52 GMT October 26 The GBP/USD opened in Asia around 2.0515 after
underperforming compared to other dollar-bloc currencies such as the AUD and NZD
and losing ground against the EUR due to concerns that the UK economy in the
months ahead might suffer from a similar malaise that is slowing the US economy
and weighing on the US dollar. The GBP/USD spent the Asian session between
2.05/25 with little in the way of flows with most of the US dollar selling
confined to the AUD and NZD. The EUR/GBP barely moved in Asia and traded in a
0.6981/86 range for the entire session. (Bank analysis)
2) It takes some guts to go against the crowd. But ultimately, my secret forex trading strategy - which my clients learn - can make you pretty unstoppable once you’ve mastered how to trtade using them.
The pattern that confirmed me going short (my first trade today was also a short) was the screaming “GO SHORT” pattern of the DOUBLE TOP on the daily chart. Learn this one pattern through my coaching program (I teach it like nowhere else, so please don’t try to get this free online because it is not taught online for free the way I go through it)…
And you could make money for the rest of your life in forex using this only one pattern.
Please note that:
The question now is do we see 2.0483 hold for the bullish continuation a lot of people promising. Or do we get a break of 2.0483 and a correction?
I’m out of the market because I’ve made more than my 10 pips today. So I’m happy. Thanks for reading.
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