GBPUSD: Potentially a very stupid long trade...

I feel very bad about this trade, so it will probably work. Go long here, risk a drop to 1.2418, or if you want, a wider stop based on 3 times the average true range in the daily timeframe.
Upside is significant, if the weekly downtrend failure target pans out. I'd look like a fool, if I follow my fundamental and technical asessment, and general 'gut feeling' about the dollar, and the dollar slumps, which is what is doing.

Taking a self-contrarian stance seems like a good idea here. I'll reasess as we move forward, for now, I think the long side is safer, against all logic, but, since equities might end up correcting here, albeit briefly, this thesis becomes a bit less deranged to me.

Cheers,

Ivan Labrie.

Transakcja zakończona: osiągnięto poziom stop

Komentarz:

Meh, at least the other trades are going well. I'll refrain from trading this one for a while.

Komentarz:

Despite the stop being hit, it might still work:

I'm flat, and don't intend on trading GBP though. Good luck with it if you're long.