Crash bang wallop. Sterling falls out of bed.

I knew Sterling was done for the moment I thought about going long.  Ever had that feeling?  Pretty much every trader has.  Somewhere, someone is telling the market what you think and everyone agrees to do the opposite.  Well.  I didn’t have that feeling last night.  I went to bed with a series of trades based on our daily chart.  That told us we could expect to see GBPAUD decline to the highlighted level in the chart below my “points taken” screenshot here.

And what did it do?  Exactly what we wanted.  I took my trades off within 10 points of the low for a rather lovely 285 points.  Most enjoyable.  

Where to next?  Well, we are out of the swarms now and in theory, we should head lower.  But the Aussie is a weak as Starsucks coffee and so we have to take care.  I’m still selling on rallies though, but cautiously as our traffic light for the daily chart is on amber.  

Volatile times.  Safe trading.  Join us in the free trading room for more of the action.