Short

EURGBP - Sell at .8770 and .8788, Stop .8812. Wednesday

Updated

Despite being bought higher initially Tuesday, a sequence of 3 up days ended. Fresh selling interest emerged above the 13/200 day mvg avg area with the resulting decline leading to the production of a Bearish Outside Day – a negative formation that point to a renewal of selling pressure. So this morning’s call is a Sell at .8770 but leaving room to also Sell at .8788, an intraday Marabuzo line. The risk is .8812, the 200 day mvg avg, with downside objectives at .8754, yesterday's low, .8727, Friday’s base, or even towards, but probably not as low as, .8687, last week's bottom.

Trade closed: stop reached

Sadly stopped. May be a little stubborn but still like the downside here and, currently, feel my stop was misplaced.

alan3cA

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