Failure to bust 4H MA, Waiting for GBP 1st GDP

28 thg 4, 2014

Going off of last idea, TP off of SHORT position for failure to bust 4H MA and went LONG when H&S didn't materialize passing rising Orange dotted line. For some odd correlation, the GBP spiked with the whole Pfizer eyeing AstraZeneca for 100B. Keep LONG for the following reasons:

1) Busted 1H and 2H MAs.
2) Great USD housing data this morning.
3) Waiting for GBP 1st Qtr GDP, which, from postings, should confirm the general growth of the Pound.
4) Week of a lot of data announcements (USD and JPY monetary policy statements, which everyone believes will be status quo, just looking at the nuances in the language - thank god for Twitter...)
5) Following Danske Bank a bit, they went LONG on Friday at 171.8, aiming for 173.9, with a SL of around 170.8. They did not change anything with last night's public disclosure.

Looking to bust this LT consolidating triangle.

Issues: 1) the CCI/RSI tandem signal seems to point to a sale. The MACD cross as well. Gonna ride this signal out and wait for the GDP announcement.