I am new to this forum but have been known to post on others, its just that there don't seem to be that many cable people on other forums.
I took a small long today (but am out now) for the following reasons:
1. Daily trend is up
2. I think that the correction sideways could be done. As shown by the abc on a 2 hourly chart.
3. I think we printed a (i) and (ii) but I was looking for some kind of confirmation, which I got when we broke out of the flag / parallel lines.
I think the green line on the chart is now pretty key and will probably only play it from the long side in the near term.
DislikedFor those of you who havent read trading in the zone yet, a really good case in point is the tech analyst who gets called into the big traders office when the analyst says the market cant go any lower because its at support the trader owner says oh yeah? he calls in an order to sell and the market drop right thru it leaving the analyst feeling very stupid... excellent story.Ignored
Welcome to the thread.
Just to confirm, does your last sentece mean that you intend to trade bullish in the near term?
Also, if Cesarnc is viewing (probably sighing with disbelief at mine and others posts), then please come back, the thread needs your guidance. Try to ignore our immaturity and help us to learn to contribute more.Ignored
On a trend point of view....
From the simple chart above we can see that since 18th April we have had a down trend. It has been quite good in fitting into these trend lines ive drawn. If for this downtrend to finish we would need $2 to breach first (suspect resistance at this point to be quite big) and to confirm end of trend 2.0070 to breach in my view.
Now I also use bollinger bands, RSI and look for divergence signals to help (looking on 30 min chart) At 2.30 PM we had a divergence signal and price was at top of bollinger band. Also RSI above 70 maybe signalling overbought. Coupled with the big $2 area looked like a good sell to me and it has been so far
I know its a bit late to post this but im just showing what helps me make a decision. Most of my trades do not follow a set religious pattern there is a the human factor to it.Ignored