Cable Update (GBPUSD)
Cable likely to stay hovering at this trendline for days. This is a critical level and, for now I prefer trading this trendline rather than anticipating its breach. It's "staying with the trend".
RSI in the weekly also at low levels, compared to previous several months.
Bearish on MACD and stochastic...Short cable short...
CHA-CHING 15m, 1H, 4H.
I'm trading like that, but in some cases, my stop was hit during the economic releases (tight stop) if the news signaling different way than my way... That's why I try to avoid these releases as best as I can so that when I get my position in, I'm on the right trend already...^^
What is your next TP? Is it likely to keep falling?
Most of the time I am not trading during news release, especially not when there are multiple ones. But sometimes, like today, I thought it is more or less safe to trade because the steam/volatility had its peaks in the last few days so the market might not THAT interested anymore.. Like if someone gets some gourmand food but is not hungry anymore because had 5 dishes before within 2 hours....
[/quote][ Like if someone gets some gourmand food but is not hungry anymore because had 5 dishes before within 2 hours....
I mean, those indicators are at extreme levels. If you're short holding profit it's worth wait and see, but at those readings, cable is more likely to rebound for a breathe.
I'm not saying those blown up indicators mean "Target 2.1", I mean retracement from last short run.
I have some herbal medication that might keep your appitiete. http://www.world-of-smilies.com/wos_party/smoke18.gif
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