06/04/2016 – fist off, Gerard, thanks for visiting the site, asking questions and watching this AMAZING development.
Folks, I honestly don’t know which way the “vote” will go but it ranks up there w/ one of the biggest deals out there. Easily, the vote will “kick the can down the road” OR destroy the Euro-zone. It’s that simple …
this is a big deal … but PRICE and TIME tell all. So,, here’s an updated view of the pound. I really don’t know how to play this .. I will watch and sit on my hands as the vote is announced. the VOLATILITY in the FX markets is going to be huge. As a sample, I’m going to show charts of the “peg” being removed on the Swiss versus Euro. It looks so easy – but trust me, unless you have a lightning quick professional trading station – STAY AWAY. If you look at the BIG CANDLES on this chart, you’ll see, after the carnage, there has ALWAYS been a chance to get in …
Head and Shoulders Scenario (first chart): as for me, IF (I have no idea if it’s going to happen OR not) the trend line breaks then how about a shorting a retest of 23 year long neckline? wish I could provide more “exact” detail .. I can’t. What we can do is see that the Pound vs USD has not closed below the neck line in 30 years.
Bullish PATTERN foldback Scenario (second chart): just follow the bouncing ball … the swings have been EXACT.
Hope this helps .. no bias, no thinking, just look at the charts and go w/ the flow ….
Folks, this ranks up there as a “big deal” so watch this one carefully as theirs a potential the POUND busts wide open and moves 3000+ pips if we have a MONTHLY closing below the neckline.