My previous Cable Swing Long on a pull back from the recent high proved to be a little premature as the correction we've seen has been much deeper and ferocious. If only it had been a swing short!
Glancing through the chart now there's a few things that have caught my eye
Here's a few charts from the current Watch list.
Most of these correlate with one another so if S/R works on one of them, it should work on all of them simultaneously. But there's always a spanner in the works somewhere..... FTSE has broken it's support:
The following analysis was intended to be a continuation of that detailed last Week inthis post.
Having entered a long position (1.6171) today primarily based on that previous analysis I decided to run the ruler over Cable again, but this time findings are a little more mixed. By the end of this post it's possible I'll begin to have doubts about the probability of my long position delivering the result initially envisaged.
Running through almost all time frames, I'll start with the smallest and work through.
From one Indice to another and from one FX pair to the Next, there isn't anything glaringly obvious that I can see for the Week ahead. There are plenty of set-ups, but the risk of failure seems on the high side for most. On that basis I've pulled a couple of names from the hat and decided to have a closer look.
The following analysis on GBP:USD was with the intention of finding a solid conclusion as to it's next likely direction. No solid answer was found so I wasn't planning on posting up the details but in hindsight it maybe useful to some so here goes.
As discussed in the Trading Round-Up for Last Week I've got no high probability swing set-ups on the radar right now but promised to talk about a couple of things I'm watching that could offer some shorter term trades and may eventually become solid swing trading candidates.
Having gone over the watch list a number of times tonight, there's almost nothing that can be traded with confidence without further price action to finalise some of the ongoing Swing set-ups.
You may recall that I've been trading the long side of GBP:NZD with success and