This is an update on two more trades I was in earlier in the week. The first was the GBPUSD short based on the upper level of a range. The second was the USDCHF trade, which I actually regret entering.
I originally shorted this trade on the upper boundary and classified it purely as a range based play with my take profit on the lower end of this range. Naturally it hit and I’m not out of this position. It also looks like the pound sterling will indeed remain weaker for the weeks ahead despite me reducing most of my positions.
Nevertheless, I still have some exposure to the pound sterling’s bearish sentiment through the EURGBP pair.
I am currently sitting with a +99 pips gain on this pair. The pound is relatively more weaker against the euro than the US dollar as I suspect last week’s geo-political tensions with North Korea still has some downwards pressure. Since this break on the weekly level, I do not expect to get out of this trade any time soon as I do expect we should see a slight retracement.
I’m actually glad I’m finally out of this trade. I shorted this pair expecting further downside of the dollar without consideration of the ranging nature. For the time being, I do not have any plans for making any plays on this pair.
Stay tuned for the next set of trades I’m eyeing.