Cable continue long or short?

Good evening ladies and gentlemen

I hope you all had a wonderful day in the market! Remember with persistence comes success!

So lets have a look at how our girl, the Cable, has faired today. I was eventually stopped out yesterday evening on around 200 pips. Lets see why that was!!

Below is the 1 hour chart and we can see that price reached its pinnacle at 16100 before doing several spinning tops and reversing where I got stopped out. Price dropped to the 15900 and is now on a climb back up! Effectively, the figure of 16000 is holding strong and proving a sticking point for price at the moment. So the obvious question is what is going to happen next and as always my answer is I dont know but using the tools we have in our arsenal we can try to anticipate action in our favour!!

So from yesterday we still have the divergence. Looking at the chart as it is, could we have a possible 123 on our hands with a 786 or 886 determing an entry to go short? Looking at MACD, it still above the midline but for how much longer? RSI has just crossed over the midline so is the move south already on its way? If we are anticipating a move south, where will it go to? The first obvious answer is the VI?! Added to all of that Stochastics signal lines look interesting!!




On the contrary, could price be doing a breather and continue with the trend that big brother is dictating?? Only time will tell! As always do your own analysis!

I was just about to ask where you had disappeared to again!! Better late then never sir!! Good to have you back on board!!

Check you out. Actually the answer I was looking for is SWIMS but NOON works!! Nice one!

I can sense a certain sense of sureess in your voice which says I should not be getting this! My answer is BOB but I feel this is too obvious!

My riddle is "What belongs to you but people use everyday?"

Till tomorrow

Abundance is your Birth Right

Zaheer Anwari