Sterling

 

Big move lower on major averages, between about 2.5 – 3% looking at Nasdaq and Dow.

Below are charts of GBP/USD and GBP/JPY with personal trading observations:

 

GBP/USD

I consider this an impulsive trade. The large bullish candle had me thinking retracement as I knew the general market was very weak. There was news about tariffs about that time. On the plus side I was quicker than in the past about simply getting out of the trade. Unfortunately this brought me to about breakeven after the trade below (which could have been better capitalized on)

 

GBPUSD0322

 

GBP/JPY

This was a better setup for me. What is important to point out on this one was the exit. I have horizontal lines drawn (in this template they are at 50’s and round numbers – 149.00 and 148.50 here). In addition I had drawn a Fib expansion. There was easily 20 pips available however I exited too soon. Also there was a nice move lower off of the mid band.

 

GBP0322

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