I tried to mark all nevessary info on the charts. Basically Cable is struggling in a range 1,7100 - 1,7170. That makes a lot of noise on 1 Hr chart.
Sooner or later this 1,7094 support will be attacked again, and looking at daily chart it has a high chance that either the next break or the one after will be succesful. Actually the later it happens, the stronger and quicker the move is going to be.
If you were long, I think it is pretty much time to get out. If you wanna play the bearish side, then now you can set up your Stop Sell orders, or at least a price alert below 1,71.
Since I also like to play options, I've bought 1 Month Put @ 1,7100. I also set up my first Stop Sell order as marked on the 4 Hrs time frame.
For you in Europe (or more on the East) hv a nice evening, for you staying in America have a great day and good luck!
Comments
Kumowizard
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Looked good in the morning, doesn't look good now after the sharp reversal candle on 4 Hrs. It looks like position will be stopped. At least that is a good example to show why I do not enter swing trades with more than 0,5-1 trade units, even if it looks promising.
NeshoMarinov
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This is because of the news from UK about the inflation.
Kumowizard
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yes I know. In fact it doesn't matter what is the driver. It turned around, so the short trade is not valid any more.
Kumowizard
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Short entry triggered.
Kumowizard
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Update: on 4 Hrs chart Price tried to attack 100 WMA five times already. Last pop up today (previous candle) exhausted at Kumo top, the candle finished as an inside bar hammer, and Price enterred the Kumo. On 1 Hr time frame it is still trading sideaway, the Daily chart looks more bearish in terms of momentum indicators. There is a good chance that the next leg down will be a succesful break on 4 Hrs and the counter trend finally starts.