First Post

Well Hello !

Thanks for coming across ! I hope you sterling traders have enjoyed the swings of the last couple of weeks - as I think we may be approaching another turning point. Let's get straight down to business...

Cable...

You can see on this Daily chart that since its double-bottom, cable has been fighting its way steadily back up to the 1.50 area; last week was a particularly good bounce off rising support and the drive up may yet have some steam left in it.

However, you can also see that it is approaching an area of congestion that has turned it back 3 times this year already.

In more detail...

... you can see on this 4H chart that it starts to run out of steam anywhere above 1.4950. So whilst it may just blast straight through, I feel that one more re-test of support is going to be necessary before it gathers its skirts for that final charge.

This view is supported by the 1 Hour chart, where it is entering overbought with MACD momentum ebbing away.

What this means tactically is that I'm looking for opportunities for a quick short trade.

Waning momentum can be seen even more clearly on this 15 minute chart, but you can also sense that it isn't quite ready to tank - just yet.

Indeed, I wouldn't mind betting that it will break-through that resistance at 1.4933, but if it has a heart attack just above and falls back through it, closing below my steep rising support line, I'll be ready to short it back to the more sedately rising support line beneath - which is co-incident with the 1H 62 ema; itself always a trusty dynamic support level.

Just a thought... Rob.