danarm
Experienced member
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Good morning team
As expected Indices have continued their respective falls. Oil is back down at 62.72 and continues to look weak. On the back of that the USD will likely remain supported until we see the Indices find support.
CABLE
• Daily, 4hr and 60min trends are down and we should be looking to either add to a short or get short on a trend reversal.
• 1.6057 is the low from yesterday so a break through here would push us down towards the 1.6000 level which is bound to hold a little support.
• You can play this break with a very tight stop above the 57 level but make sure the short term CCI´s are not too oversold at the time of entry.
• Technically I would like to see a pullback this morning back up to the DP or just above at 1.6205
• From here I would then be looking for a lower high to confirm a double top before another push lower again.
• Everything is positioned in the red and therefore trying to play the retracement up for a few pips will be difficult.
• For me it could be a patient morning for CABLE and wait for the 60min trend to change before I even tempt going long.
• Verdict is still to wait for the double top and trade with the trend again.
EURUSD
• Daily, 4 hr and 60min trends are down and we should be looking for a short play through the respective support levels.
• Key support is at 1.3876 and we should look for a break through here for further downside potential
• As it stands the USD could go either way this am and with higher highs on the 15min chart I would like to see a change in direction with a double top before a short play (with trend) back down to support at 1.3876
JPY´s
• With USDJPY finally falling..(How long did that take!!!) EURJPY and GBPJPY have had the confidence to go with.
• They are bother slightly oversold and would like a small pullback (same as CABLE & EURUSD) before continuing their downtrends.
• Would like to see GBPJPY back towards the 153.20 region and EURJPY back to the 132.00 area.
• Remember to use the triggers to your advantage here and look for double tops on the short term charts to confirm trend reversals.
Verdict
• If you want to trade with the trend this morning then patience is needed.
• We are up a lot of pips this week, so let’s not get too greedy with trading against the trend.
Dan
As expected Indices have continued their respective falls. Oil is back down at 62.72 and continues to look weak. On the back of that the USD will likely remain supported until we see the Indices find support.
CABLE
• Daily, 4hr and 60min trends are down and we should be looking to either add to a short or get short on a trend reversal.
• 1.6057 is the low from yesterday so a break through here would push us down towards the 1.6000 level which is bound to hold a little support.
• You can play this break with a very tight stop above the 57 level but make sure the short term CCI´s are not too oversold at the time of entry.
• Technically I would like to see a pullback this morning back up to the DP or just above at 1.6205
• From here I would then be looking for a lower high to confirm a double top before another push lower again.
• Everything is positioned in the red and therefore trying to play the retracement up for a few pips will be difficult.
• For me it could be a patient morning for CABLE and wait for the 60min trend to change before I even tempt going long.
• Verdict is still to wait for the double top and trade with the trend again.
EURUSD
• Daily, 4 hr and 60min trends are down and we should be looking for a short play through the respective support levels.
• Key support is at 1.3876 and we should look for a break through here for further downside potential
• As it stands the USD could go either way this am and with higher highs on the 15min chart I would like to see a change in direction with a double top before a short play (with trend) back down to support at 1.3876
JPY´s
• With USDJPY finally falling..(How long did that take!!!) EURJPY and GBPJPY have had the confidence to go with.
• They are bother slightly oversold and would like a small pullback (same as CABLE & EURUSD) before continuing their downtrends.
• Would like to see GBPJPY back towards the 153.20 region and EURJPY back to the 132.00 area.
• Remember to use the triggers to your advantage here and look for double tops on the short term charts to confirm trend reversals.
Verdict
• If you want to trade with the trend this morning then patience is needed.
• We are up a lot of pips this week, so let’s not get too greedy with trading against the trend.
Dan