Great British Pound Update III and pumpkin soup
when I was flying and someone might have had a particularly bad night landing at the ship or performed the mission badly, invariably, someone would say “well at least your not eating pumpkin soup!” the Vietnam POW’s (God Bless Them All) had as one of their main meals the wonderful bowl of pumpkin soup…
so, perhaps I am eating pumpkin soup w/ regard to my analysis of the Great British Pound. I have NOT deployed capital even though I went to “pull the trigger” a couple times. the 200+pip move engineered by the FED on QE day warned to stay away. as noted, the original target was BLOWN THRU and then found some resistance in teh 1.6140-1.6177 area. I have included the ratio’s responsible for this (in my mind)
now, what to do … I can see a target in the 1.6331 area that I will now be hawking. we have exploded almost straight up since July w/ intervening orderly corrections. the trend line making the bottom of the multi-year triangle has now been opened and closed above (bullish) and, as of this AM, it’s still showing signs of strength.
my gameplan: wait for a sell pattern to appear on a lower, intra day timeframe ELSE wait for upper target in the 1.6300’s to be attacked. If that level is taken out I will go back to the drawing board and call my e
ntire analysis of the pound over the past 1.5 years as WRONG. 😦