- Daily chart shows how tricky it has been trading cable. Bluff and double bluff, non-trending range extensions.
- Rectangle range between 1.54 and 1.5750 from late Nov11 to mid Jan12.
- Downside break of range below 1.5400 in early Jan12 was a false break.
- Followed by latest uninterrupted bull run above the 1.5770 area (significant as marked by the 3 circled spike tops).
- After making high of 1.5881, we are now at 1.5740, back below the spike tops. So, good potential for the recent upside range break to be another false signal.
- Trade : Initial short at 1.5771 (on way up!), still holding. Pyramid on close below 1.5700.
- To revive the real bearish trade off the weekly complex SHS top, I would require a return below 1.5500.
1 comment:
Back above 1.5800 = false break of false break? Damn tiresome.
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