GBPUSD: Potentially a very stupid long trade...
Updated
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.
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.
Trade closed: stop reached
Note
Meh, at least the other trades are going well. I'll refrain from trading this one for a while.Note
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.
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