The cable has respected the 1.627 resistance level (on a daily chart) for the whole of 2012, but at the same time making higher lows. This is a bullish set up. Price is respecting the trend line and closing in on the resistance 1.627. I think we might see a break to the upside, maybe toward 1.656 (August 2011) or 1.672 (April 2011)?
This pair tested its support again, and didn’t manage to break it. That looks like bullish signal to me, but there are still lot of news coming today, so it’s now or never.
if the market isnt sure where to go…why not standby and wait to buy or sell the breakout of this pair
btw…im bullish on this pair, but will only buy if this pair goes back uo
I notice on the 1H chart there appears to have formed what looks like a falling wedge and that’s a bullish signal. And it so happens to be falling on the up trend line :33: Interesting set up we have here. But I would have preferred to see RSI & Stochastic in the oversold levels at this time to give the set up a high probability to long the pair; entry 1.605 SL:1.60 TP:1.62
I’m sitting and waiting to see what happens as there is now a build up (or accumulation) of orders, where it’s going up (following the overall trend) or down (as market structure has been broken … think higher higher, higher low). One thing I learnt that is HUGE to being successful is … patience.
Man I should have listened to the signals, and took a ride on the bulls. They are on the rampage, would have been 110 pips up, current price 1.616 :17: