One of the main things we teach at Tradesight is that it isn’t our job to guess which way the market is going to go. It’s our job to find the best technical setups either way and be prepared to take advantage. Last night’s action was particularly interesting in this regard as the GBPUSD calls were 80 pips apart (long entry for weakness in the USD versus short entry for strength in the USD). Both were using the “FX-aligned Pivot series,” or to be precise, a long over R1 and a short under S1. Ultimately, the long entry was tested to the pip but never triggered, while the short play, over 80 pips away, triggered a short time later and worked. Not only did it work, but the first target on the play was S2, which hit to the pip. So in a window of a couple of hours, the GBPUSD move from R1 to S2, about 120 pips, and address one entry without triggering while later using the other precisely.
Here is a recap from today’s report:
After inching up and stopping right at the long trigger at A, the GBPUSD dropped sharply and actually triggered the short at B, hit the first target at C exactly, and stopped the second half at D. Quite a use of the Levels:
Again, not our job to judge, just our job to spot key entries.
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