Sterling - Buy the Number, sell the fact - part deux
Posted 07-02-2008 at 09:25 AM by GammaJammer
Having picked an ok entry level in EUR/GBP, I am now thinking that the time may have come to take the money and run on this one.
Looks like we have had limited follow through on the M+S and Wimpey news this A.M. (despite Wimpey stock being down something like 55% at one point earlier, not sure where it is right now). With the cross having topped out so far bang on that upper fibo level, and with cable having performed a neat volte face post the ADP number, taking out all the weak shorts who sold the break of 1.9890, risk / reward seems to favour stepping aside now for me, with a look to re-enter either on a decisive break above 0.7980 ish, or on another look down to around the 0.7880/90 area (trendline support, so time dependant). Current level (60 ish) works fine imho as an exit point. For now.....
Chart attached
GJ
Looks like we have had limited follow through on the M+S and Wimpey news this A.M. (despite Wimpey stock being down something like 55% at one point earlier, not sure where it is right now). With the cross having topped out so far bang on that upper fibo level, and with cable having performed a neat volte face post the ADP number, taking out all the weak shorts who sold the break of 1.9890, risk / reward seems to favour stepping aside now for me, with a look to re-enter either on a decisive break above 0.7980 ish, or on another look down to around the 0.7880/90 area (trendline support, so time dependant). Current level (60 ish) works fine imho as an exit point. For now.....
Chart attached
GJ
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