On the Pound we have a Bearish Bat Pattern the top of the prz is the CD Leg max the 2.618 and the 886 is on the lower side. we see that price shot right through the PRZ and created a big wick PA came right to the HOP level of this pattern and was rejected. i wanna see the RSI go a bit lower and i do wanna see the HSI on the other side and in the upper extreme coming down.
the COT Fundamental side of this is the Pound is losing strength becasue the commercials are building more orders on the long side which means price is driving lower and the Non-Commercials are driving the bus lower. With the open interest increasing. the CHF is gaining strength so i would like to hold this trade and ride the wave down. i watched this pair all week and broke even on my smaller pattern. it almost hit my TP1 and now waiting for the re-entry off this pattern.
the COT Fundamental side of this is the Pound is losing strength becasue the commercials are building more orders on the long side which means price is driving lower and the Non-Commercials are driving the bus lower. With the open interest increasing. the CHF is gaining strength so i would like to hold this trade and ride the wave down. i watched this pair all week and broke even on my smaller pattern. it almost hit my TP1 and now waiting for the re-entry off this pattern.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.