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A Cable View

HiArt99

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  • #21
Sorry, was in hospital yesterday.

Today there has been a big move during Asian session with the news that a Brexit deal with respect to financial services has been agreed. This puts too much uncertainty in the market for me; too much fake news manipulating markets and even if true the move has already been made.
 

HiArt99

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Gosh, where to start today? I won't be placing a trade for several reasons:

1) large overnight move not associated with any UK news event that I can see. Hard to know how the London traders are going to see this so difficult to get a feel for direction
2) because of this move pivots are wide apart and as I like to use pivots to set targets, stops and to judge price action, this pattern is a no trade in my trading plan unless near a big round number
3) Price is showing resistance at 1.3000, so may be going up, but as I write this it is sitting at 1.3030, equidistant from big round numbers disqualifies a trade unless near a pivot
4) NFP! Happy to trade NFP in the morning if i see a clear signal, but the shadow of NFP may affect price this morning

In short, there is no clear signal so no trade.
 

HiArt99

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HiArt99 Cable 20181105.jpg

OK, I didn't take a trade on Friday because of a large overnight move. There is a suggestion that there is a Brexit deal, so a significant gap up this morning. What I can't ignore is the divergence, so have jumped on a sell using the 1.3000/Daily Pivot confluence for cover. Target is below S1, and this might be too optimistic.
 

HiArt99

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A little bit later this morning.

Yesterday I did move my profit target the other side of S1, which was the correct thing to do as price reversed at S1 and would have stopped me out.

HiArt99 Cable 20181106.jpg

A straightforward buy for me today. Nice push through R1, failed to go below on the retrace, and so I think a test of 1.3100 is highly likely. I will use the swing low on the R1 retrace for cover, and this nicely puts the target a few pips shy of 1.3100
 

HiArt99

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  • #25
Sorry folks, undergoing some health issues and will have to suspend this for a few days.

7th Jan: Health issues are continuing, I'm afraid. I'll get back to this when things improve. Sorry if you were following this thread.
 
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