ICmarkets
Long

Well done to anyone who entered long on Cable yesterday...

FX:GBPUSD   Pound Sterling/U.S. Dollar
160 0 1
For those who read Wednesday’s report on Cable (http://blog.icmarkets.com/wednesday-17th-february-heavy-afternoonevening-for-the-u-s-dollar-today-remain-vigilant/), you may recall that we spoke about entering long from the base of a H4 Harmonic Gartley pattern around the 1.4258 mark. Additional confluence was also seen here from the mid-level number at 1.4250 and a H4 Quasimodo support at 1.4230, which blends nicely with daily support drawn from 1.4231.

We managed to pin down a trade entry on the M15 timeframe yesterday afternoon around 14.15pm GMT             at 1.42589, after price rebounded from the above said H4 area and took out a truckload of tops on the M15 around the 1.4307 region. Partial profits have already been taken at 1.4300 and the stop is sitting at breakeven plus three right now. The reason for us taking profits so quickly is due to daily action coming so very close to tagging the underside of daily supply at 1.4407-1.4350. This could effectively push this market lower today and we did not want this winner to end in a loser!

Ultimately, a close above 1.4300 on a H4 basis would be fantastic today since this could set the stage for a continuation move north up to the mid-level number 1.4350 – the lower limit of daily supply (further profits would be liquidated here). It will be interesting to see how this pans out!

Levels to watch/live orders:

• Buys: 1.42589 LIVE (Stop loss: Breakeven).
• Sells: Flat (Stop loss: N/A).
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out