Cable Continues Climbing!

Good evening ladies and gentlemen

I hope you had a wonderful (yet short if in The UK!) week in the market. The weekend is upon which gives us time to reflect over the trades we have made over the week. Accountability is key to being a succesful trader!!

So our girl for the week was the Cable and lets see how she finished up the week. Yesterday we were left with a dilema on whether price would go long or short. There were several confluences saying that we could be in for a retracement but at the end of yesterday's update I mentioned Big Brother, refering to the overall trend on the bigger time frames. Which direction would you say the trend is on the daily time frame? As SM, you should know that the "Trend is your friend" or "Trade with the Trend"! Personally, I was anticipating a continuation long and not a 123886, 123786 or DT and then a reversal in price.

Below is the 1 hour chart and we can see that is exactly what has happened! RSI crossed back above the midline and MACD acted accordingly too!

The question as always remains, what will happen next? What are the indicators saying? Are RSI and Stochastics OB? On the daily, there is clear space till the next R line so how much can we expect price climb? I will leave it to you to do your analysis over the weekend and I have a feeling I may be staying with her over the next week too! She is definatly worth a space on your watch list!

Alright Rich! Yeah to behonest I didn't fully get it but it makes sense now that you gave me the answer! Nice one! The answer to your riddle is the moon!

My riddle is "In trading, what is just as important as what you do see?"

I bid you all a wonderful weekend. Please please let the skies be blue!!

Till Monday

Abundance is your Birth Right

Zaheer Anwari