Week 48

[Anna-Maria]

Monday kicks off with Cable consolidating at the top side of Friday's range play.

Reasonable near term support rests at c8930 on the 60m frame, with the Round Number (1.89) offering secondary support ahead of last weeks Fib activity @ 8850.

To the upside, 8975 & 1.90 psychological resistance are marked on the 60m as the 1st line targets for the (Cable) Bulls.

I'll be waiting to draw in my Asian range H-L barriers as usual, to guage the early week flow & either side potential....the data cupboard is relatively light leading into Thursdays Thanksgiving Holiday, so we could well witness reduced flows (& pockets of spikey volatility on Cable) this week.

The 15m frame below plots the S&R 1-2 lines for todays play.

[Anna-Maria]

An alternative to the European instruments this week, given the data releases due for print, could well be CAD.

It's nudging a key weekly level & houses some pretty good step levels which will attract each-way interest from it's recent journey.

[Anna-Maria]

I've let the Cable shunt up thru the consolidation break pass by this morning. It spiked a little too fast for me thru the Tokyo range after the minor UK data, & is bobbing to & fro underneath this tricky S2 resistance line.

I prefer to focus & manage the Franc trade from Friday, which has mirrored Cables move thru the consolidation barrier to test the 1.24 Big Figure.

I've pared out a little more profit here as it nudges the 78.6% reverse zone marked at this current s&r level.

Remaining stops can now be re-adjusted down to sit above Friday's lower range barrier @ 2460 to check any return move back into the range.

[torero]

Looks like a breakout here. Looks like a pullback is there but not sure if the resistance above will be able to broken after Friday's push. I'm going long from the pullback and test the morning's high and see if it can take it higher.

[Anna-Maria]

Yeah, it's maintaining a steady line around the Asian high zone, so this pullback from the mornings highs could well establish some decent support/attraction into the NY Open.

Certainly encouraging to witness the higher low off the London Open!

All the best with it

[torero]

I'm still in. Let's see where the Asian market will take it. But the price action is so far bullish, as long as it doesn't go below 8840.

[torero]

Double-bottom objective met finally, I'm watching closely to close out this long.

[torero]

I noticed that in forex, compared to futures, the trader has to have much much more patience in order to let the prices play itself out. I don't usually do overnight holds but in forex it's the only means to make big gains. I'm learning already!

"know when to hold 'em and know when to fold 'em"!

[Anna-Maria]

Wouldn't disagree with that comment torero. Not that I trade any other instruments apart from currencies, but patience sure ranks high on the pre-requisites when trading these things!

That + finding a couple key (repetative) behavioural assistors

Same old, same old huh?

[torero]

I have a question, it looks like Cable is stalling below 9000. It still shows higher lows but the Euro is showing lower highs, divergence. In your experience, do Cable and EURUSD correlate well or not?