Good day Cable thread...
GU Daily
Tight range consolidation in an uptrend, still looking for the corrective wave but now that the overbought conditions are wearing off... I'm becoming more cautious holding short still...
Some cause for concern is rising oblique support... Price currently trades inside of yesterdays range... check for IB / inside day
The breakout at 1.706 remains untested this is true as well for the 1.691 breakout... Price doesn't have to test these levels its just healthier if it does...
A weekly close same or similar to todays range would indicate a hanging man weekly close and is a low probability bearish signal.
Daily
Weekly
4H
GU vs. EU daily strength comparison
Overall strategy remains buys the dips.... (I look for oversold on Daily)
I remain short for the retrace following price action another breakout will not have me stopped, the one after that will...
Trade safe later....
GU Daily
Tight range consolidation in an uptrend, still looking for the corrective wave but now that the overbought conditions are wearing off... I'm becoming more cautious holding short still...
Some cause for concern is rising oblique support... Price currently trades inside of yesterdays range... check for IB / inside day
The breakout at 1.706 remains untested this is true as well for the 1.691 breakout... Price doesn't have to test these levels its just healthier if it does...
A weekly close same or similar to todays range would indicate a hanging man weekly close and is a low probability bearish signal.
Daily
Attached Image
Weekly
Attached Image
4H
Attached Image
GU vs. EU daily strength comparison
Overall strategy remains buys the dips.... (I look for oversold on Daily)
I remain short for the retrace following price action another breakout will not have me stopped, the one after that will...
Trade safe later....