Hey guys!
Yeah, it's a bit choppy this week terero. We haven't initiated any fresh (intraday) positions thus far, preferring to wait till we see how this consolidation phase plays out on Cable & the Franc.
The 4hr triangle is still cutting out (Cable), which looks like it could well break farther North. But again, we'd prefer to wait for the apex to shake out. This could well play out into late week now with Friday's NFP the likely catalyst to continued momentum should it print to the $ negative.
Reaver:
I don't really plot Fibs on anything lower than a 240m frame. Obviously folks can refer to whichever timeframe they wish, but personally I've never found the smaller timeframe % levels to be particularly accurate or relevant.
I'm more interested in whether a Big Fib line confluences a hard (price based) s&r zone or a Round Number (00-50) than I am the actual Fib level. If I get one or more price based confluences, then that zone is of definite interest.
One of our colleagues is closely observing the 14EMA on the 240m Cable chart. If you plot it, you'll see what I mean. It's managed to hold it's close against that trend marker since it broke up thru 8850.
Any prolonged close below it, especially should the NFP's offer the buck a temp kicker, will be a decent buffer as to the potential strength of Cable in the short term
Mov Averages, in a trending phase, are certainly as good as any other price aid for offering a heads up. As long as they're observed via the longer timeframes & utilized correctly.
Anyhow, hope the comments help!