It has been a while but progress is still on track - working long hours but steadily advancing towards my targets. I have written my business plan with goals and objectives and mapped out a timeline for completion. Now the challenge is making sure I get there!
My strategies have now been refined and now I am looking to identify live set ups and track how these develop. At the moment i am working tirelessly throughout much of the European and London trading sessions and whilst i knew this might be an issue I am still happy to progress gradually whilst i learn and develop along the way.
GBP/USD
After yesterdays Q2 GDP announcement confirming a drop of 0.7% versus a widely anticipated -0.2% GBP saw a sell off across the board but has coming storming back today closing up 200pts on the open and now testing resistance around the 15720 level. With the overall trend on the pair still bearish I would only be looking for sell opportunities so will certainly not be buying into todays rally but will monitor closely tomorrow - could be some shorts still to be squeezed and some buyers late to the party that bid the price up through the resistance level temporarily but i'd be looking for a candle to touch the level and close below and before considering a fairly cautious short with a stop somewhere around the previous swing high of 15828 with a target of 15490 - but will see what happens
EUR/USD
Overall trendline is still down across all time parameters that i look at despite a poor day for the USD and with GDP figures expected to underwelm, USD could come under more pressure. Similar situation really with cable with some resistance around 12300/20- it will be interesting to see how this plays out tomorrow - there is also a 38.2% Fibonacci retracement as 12314 on the daily chart and using the top of 12693 at the beginning of the month we see a 38.2% level at 12299 on the 4 hour chart- be interesting to see if we break through this or resume the downtrend back towards the lows of the last few days at the 12060 level
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