This has been a classic 123-low trade so far, even backtesting the 135p area first thing this morning (where I added to my longs as I opened a first tranche early in anticipation of this event).
However, we can't be sure, yet, that this is the start of a new trend as it could simply be an ABC correction upwards and that's why I'll be closing half my position just below that first resistance at 154p.
The idea will then be to see if that resistance holds and, if there is a retrace, project where it should stop if this is not a correction. I'll update this as we go - best not to presume too much at this early stage.
However, we can't be sure, yet, that this is the start of a new trend as it could simply be an ABC correction upwards and that's why I'll be closing half my position just below that first resistance at 154p.
The idea will then be to see if that resistance holds and, if there is a retrace, project where it should stop if this is not a correction. I'll update this as we go - best not to presume too much at this early stage.