ICmarkets
Long

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

FX:GBPUSD   British Pound/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).
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