A fabulous 24 hours. We’ve booked over 500 points on the long-running GBP/AUD trade. Closed out this morning as we hit the predicted support microswarm (see yesterdays blog).
Now here’s the thing. As we speak I am already 200+ points ahead because we actually got to re-sell the market on the touch of the swarm when it rallied!! Absolutely gorgeous trade yesterday and with 200 points locked in already today we are on target for a massive week.
Basically, the numbers work. here is our closed out trade sheet, and for clarity, the chart showing the “re-sell” of GBP. I only wish I hadn’t missed out on the 100 point bounce. But I did. And that’s life. Circled in blue – my daily support (why I took profits) and my major resistance number (edge of the swarm, marked in blue).
PLUS our downside support is highlighted in 2 regions in yellow. I would be surprised to see much below these two levels for a while, but let us see. In a month where we expect GBP to rally, so far it hasn’t been major. Last time it did this we saw an 8% drop over a few weeks.