The rally in Cable over the last couple of Weeks has shown considerable strength and though I have mixed opinions from a fundamental perspective, it is more than possible we'll see trade-able pull back from current levels.
Judging how deep that pull back will be is a little more tricky, so here are a few charts to help you find your own conclusion:
Update to last night's DOW trading map.
4 hourly produced a bearish engulfing from my 12,322 line so the line definitely has validity. The 50 MA and 100 MA both reside at support and this is an area to keep an eye on if the selling continues:
Whilst volumes are low this week I've taken a break from hunting out new swing trades and will be spending my time day trading Indices.
Here follows my current trading map of the DOW:
On 4 hourly I have a line at 12,322
Absolutely no idea why I've put this line there and no idea why I've only got it on the 4 hourly time frame. Whatever made me put it there in the first place (a long time ago) would have been a good
As there's nothing on the horizon that can be confidently deemed as imminent trades, here are a few charts showing Forex Pairs at inflection points where the market must come to a decision quickly in regards to the near term future.
Whilst we are seeing a fair amount of intraday volatility and little in the way of solid long term trending I'm going to focus my TA on a shorter term basis sharing a few possibilities for the week ahead.
Daily and Weekly chart's are
It's not technically a swing trade, just a trade based on probabilities.
Previous GBP:JPY analysis suggested there would likely be some upside and as that upside is now in progress I've decided to take a position with a view to those upside targets being achieved.
It's not the best looking Swing Short Set-Up and there are risks to this trade, but it's one of the better looking chart's at this precise moment in time so I've decided it's a risk worth taking.
NZD:CHF was on my Watchlist as a possibility for a long entry, but it's failure to show strength combined with