Here on the Cable Aussie we have two patterns one i drew and another one from the Software. What im looking for is this current 4 hour candle to close as an engulfing candle at the very minimum a piercing pattern. I will also be looking for the oscillator confirmation. the pattern is a butterfly pattern i have drawn and i think the software picked up either a bat or 222 pattern.
Now, on the COT the Pound is still controlled by the commercials buying it but they are stepping closer and closer to the Zero Line every week which a big ship like the Pound takes a long time to turn around. the Non-Commercials are almost to the Zero Line and are eager to finally drive the Cable Up. The Euro is a strong buy and i have been suspecting the Pound to follow. Since the Switch has yet to occur proper R2R should be used. but since both sides are stepping closer to the Zero Line the pound should start to rise early as the Non-Commercials start buying it up. The Aussie is still a sell but this week both commercials and non-commercials have taken profit or delivered on contracts. I do feel this pair will be subjective to strong swings this coming week as which ever side decides to open a position will cause the pair to move that way if filled. other than that i do think the AUD will be a slow moving pair this week and future weeks to come until there is a definitive move in one direction or the other.
Now, on the COT the Pound is still controlled by the commercials buying it but they are stepping closer and closer to the Zero Line every week which a big ship like the Pound takes a long time to turn around. the Non-Commercials are almost to the Zero Line and are eager to finally drive the Cable Up. The Euro is a strong buy and i have been suspecting the Pound to follow. Since the Switch has yet to occur proper R2R should be used. but since both sides are stepping closer to the Zero Line the pound should start to rise early as the Non-Commercials start buying it up. The Aussie is still a sell but this week both commercials and non-commercials have taken profit or delivered on contracts. I do feel this pair will be subjective to strong swings this coming week as which ever side decides to open a position will cause the pair to move that way if filled. other than that i do think the AUD will be a slow moving pair this week and future weeks to come until there is a definitive move in one direction or the other.