Looks like it is in its final leg up (5th of a 5th) but where to put the stop/loss based on long term levels and on a previous high no-one agrees where it was is rather difficult.
Before heading back down the market seems willing to test the high of last October (when the £ flash crashed). Problem is to know where it was: 7 different data vendors have 7 different levels, ranging from 0.9141-50, 0.9225, 0.9256, 69, 70, 0.9326. Through the $ I even find 0.9433 as the top, so better use the highs of 2009, where more people agree, near 0.9410 and 0.9490-9500 to set the stop/loss on shorts. Always tricky to go against the trend, but a tiny short position can be tried near 0.94 with a stop/loss above 0.9550, which is pretty far away. If this is the end of the uptrend, the potential is huge though, sub 0.70, so reward/risk is more than ok. Plenty of time to add to this position once the uptrend is eventually broken, if the position still exists.
Before heading back down the market seems willing to test the high of last October (when the £ flash crashed). Problem is to know where it was: 7 different data vendors have 7 different levels, ranging from 0.9141-50, 0.9225, 0.9256, 69, 70, 0.9326. Through the $ I even find 0.9433 as the top, so better use the highs of 2009, where more people agree, near 0.9410 and 0.9490-9500 to set the stop/loss on shorts. Always tricky to go against the trend, but a tiny short position can be tried near 0.94 with a stop/loss above 0.9550, which is pretty far away. If this is the end of the uptrend, the potential is huge though, sub 0.70, so reward/risk is more than ok. Plenty of time to add to this position once the uptrend is eventually broken, if the position still exists.