As you can see in the link below I have expected price to test and bounce from this area 6 days ago. I just saved it private for me because I only decided this weekend, that I would start sharing my whole arsenal of trading strategies and methods here on Tradingview.
I fully expect a move to the OP (1.48) this time as the combination of the 0.618Fib level and the big Trendline is pretty strong and the most recent developments with Davids EU deal should help further. Also I think that these developments came too late on Friday and are not fully priced in yet and could cause some early volatility at market open on sunday.
1.48 is also a important retest of lows that go back to middle 2013
How to play it?
Either enter right at market open but I'm pretty sure you would have to live through at least one retrace, even if not right away. Or let it run a bit without you and enter on possible retracement on lower timeframe.
In any case before Friday your stop, if you wanted to bet on a further upmove in Cable, would have needed to be under 1.41 but now you can do the same bet with a stop under the recent structure( around 1.424). Cause it is total clear, and I mean TOTAL CLEAR! that if it takes out this structure now it will move and take out the low and continue into 1.30s.
Enjoy and lets make some pips!
I fully expect a move to the OP (1.48) this time as the combination of the 0.618Fib level and the big Trendline is pretty strong and the most recent developments with Davids EU deal should help further. Also I think that these developments came too late on Friday and are not fully priced in yet and could cause some early volatility at market open on sunday.
1.48 is also a important retest of lows that go back to middle 2013
How to play it?
Either enter right at market open but I'm pretty sure you would have to live through at least one retrace, even if not right away. Or let it run a bit without you and enter on possible retracement on lower timeframe.
In any case before Friday your stop, if you wanted to bet on a further upmove in Cable, would have needed to be under 1.41 but now you can do the same bet with a stop under the recent structure( around 1.424). Cause it is total clear, and I mean TOTAL CLEAR! that if it takes out this structure now it will move and take out the low and continue into 1.30s.
Enjoy and lets make some pips!
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Well this is a good example how a failed setup can provide as good chance for trading as a pattern that was completed. The Price did like I said, it took out the low and did a sustained move into the 1.30s. For reference my final target on GBP/USD is 1.33 and rallys should be sold as long as the weekly and Monthly Trends(DEMA and DMA) stay in this formation.
I will watch out for chances to short now, minimum Target 1.396.