Market has shed more than 600 pips from 1.6305 since end of April 2012.
And every time a technical rebound .. last less than a day if not a day, and it is less than 1/3, it indicates that the market is strong bearish.
The Speed of Fall
And market has plunge all the way down towards the main support level 1.5600.
At first, I though market would just come down to 1.5930 before taking off to the next high, but each and everyday I am disappointed because market never find support, and it continues to fall.
The speed of fall, and the strong bear is too strong, coupled with European debt woes, market has generally put their focus on shorting the euros, and moving cash to US dollar, or other US denominated asset.
Bull gone for a month-long holiday
Whilst I wish to hunt for a long.. I am also doubtful of the bull, could the bull return?
This is just my tiny little hope... I hope a technical digestion to happen. And… at least, to pull up GBP/USD to 1/3 retracement level, 1.5850 region.
There’s no sign of the bull, as there are no signal reversal signal, no candlestick pattern that support my ‘hope’, and no stochastic level that can prove my viewpoint right.
So, I will do nothing, I will still sit, and wait.
GBP/USD is trading at 1.5667, another 60 pips to strong support level.
If I want to Trade
Yah, I can short, 17 pips above market open, and take profit at 100 pips below. Which is what a student will do, trade with trend, not with a hope - at least for now, not yet.