Sterling Dollar swing short - 26/8
Fire @ will. We hear this expression in war movies, and its applicable to the current trade.
There are now 2 bearish trad able cycles supporting the trade. (The 1Hr & 15 mins).
The 15-min is unfolding in a growing bearish Elliot structure, shown above.
what this means is that, traders selling the market, with a stop > 1.3780, should see the market trend lower, to test the current market lows at 1.3630/00, then 1.3570 (1st target), & finally 1.3450 (Final target). The optimum entry tonight + tomorrow, (before weekend), would be to sell a retraction into wave-4 (yellow) to be contained below bottom of wave-1 (yellow).
I am already short at 1.3765, & will add by shorting limit @ 1.3725/20, with a stop at 1.3780 (above head). Targets remain the same.
Risk & Money Management, should be amended by lowering stops to 1.3780 on original holding, and incorporating a max risk of -3% inclusive of the new holdings to new stop (1.3780).
Its worth noting that tomorrow chairman Powell will be speaking at the symposium in Jackson hole, I expect a dollar bullish impact, so it may prove prudent to be in the trade (part size) at market, so as to be in the money, should dollar strength enact tomorrow.
Profitable trading to all.
Summerset
There are now 2 bearish trad able cycles supporting the trade. (The 1Hr & 15 mins).
The 15-min is unfolding in a growing bearish Elliot structure, shown above.
what this means is that, traders selling the market, with a stop > 1.3780, should see the market trend lower, to test the current market lows at 1.3630/00, then 1.3570 (1st target), & finally 1.3450 (Final target). The optimum entry tonight + tomorrow, (before weekend), would be to sell a retraction into wave-4 (yellow) to be contained below bottom of wave-1 (yellow).
I am already short at 1.3765, & will add by shorting limit @ 1.3725/20, with a stop at 1.3780 (above head). Targets remain the same.
Risk & Money Management, should be amended by lowering stops to 1.3780 on original holding, and incorporating a max risk of -3% inclusive of the new holdings to new stop (1.3780).
Its worth noting that tomorrow chairman Powell will be speaking at the symposium in Jackson hole, I expect a dollar bullish impact, so it may prove prudent to be in the trade (part size) at market, so as to be in the money, should dollar strength enact tomorrow.
Profitable trading to all.
Summerset
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