Monday, June 8, 2015

British Pound (update)

It's been a a few days since my last post, so let's catch up on this market.  We've been chopping sideways the past 5 days and are currently below all 4 moving averages that I follow so this pattern is currently looking weak.  However, this pattern is still intact as we have not taken out the 5/4/15 low @ 1.5109.  Also, we would've gotten long on 6/3 @ 1.5356 (tick above previous day's highs).  So it's possible we'd currently be long from 2 different entries: aggressive @ 1.5286 and moderatively aggressive @ 1.5356 with stops placed @ 1.5073.  Next point of entry would be after a candlestick pattern forms.

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