It’s been a one way ticket since I picked this one off on the right shoulder 300+ pips ago.
I’ve had a struggle with myself the last few days over whether to take profits / partial profits / or hang in there. – For the last 3 days we have been hovering around the 61.8% of this years lows to high.
I decided…..after much contemplation and a few glasses of Red ( tipped a glass last night to our friend Mike Paterson ) to close half my positions with the view of adding back to my core short at any future opportunity .
I marked the area on the chart below ( grey 50% 1.2690 ) that I will be watching on any pick up from these levels. I will also have eyes on further weakness . A fall below the near term lows will also be tempting .
I’ve been reading that many consider the pair ‘oversold’ . ……..I must admit the terms – Oversold and Overbought are not in my trading vocabulary. Reminds me of that old market adage ” The market can remain irrational longer than you can remain solvent “. — And most befitting on this occasion ………… ” No one ever went broke taking a profit “.
The original chart posted live on entry …….