EURBGP makes history, easy short I’ve went back to 2000 and looked for any periods of time where the EURGBP has had more than 12 consecutive daily candlesticks where the Open was greater than the Close. Never. In fact, the most I found was 7. So this is a pretty extended move in time. And it’s a straight up parabolic rise as well. This is very much what Gann would have called a ‘blow-off’ move. Almost the entire move has been on lower daily volume (exception being the 21st). The RSI and Composite Index are also at historical highs and showing similar structure in their peaks. This pair is bound for nasty mean reversion trade with at least a 50% retracement.
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Short @ 0.8826
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Added 2 lots short @ 0.8815
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3 lots added at 0.8915
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Still active - prepping for violent reversal.
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Added 1 lot at 8972
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Still holding and active - it's July 3rd, an important Gann date where moves culminate and trends terminate between July 3rd and July 7th.
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added 2 lots at 0.9025
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1/2 of position sold today - another 1/4 will sell @ 0.8467.
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1/4 sold at 0.8467, remainder of position (final 1/4th) sold at 0.8452.