Cable hourly long based on the daily long strength all week since the pin last week. All week the 4 hour has been stair stepping up, resting, climbing, and reached a long term upper resistance that it was resting above rather than below, showing a good sign of faith for at least a short term long entry if an opportunity should present itself.
Down on the 1 hour chart a pin formed through that support, giving a long entry opportunity while confirming the strong support at that level, so it was worth a shot. The trade went +50 and formed a double top so far.
Still in the trade set for break even to see if the trend can pick up or maybe this will be the start of a pullback downward.
Down on the 1 hour chart a pin formed through that support, giving a long entry opportunity while confirming the strong support at that level, so it was worth a shot. The trade went +50 and formed a double top so far.
Still in the trade set for break even to see if the trend can pick up or maybe this will be the start of a pullback downward.
"Support and Resistance either holds or it doesn't."
-Anonymous hillbilly