Cable: Looking bit heavy in early European trade
I sold 1/2 my long position overnight at 1.5315 and will look to buy it back on any big dips towards 1.5200. The fact that the overnight rally stalled at exactly the 61.8% retracement of 1.5600/1.5000 will be encouraging to the bears (just as the double bottom is encouraging to the bulls!). If we get another rally which stalls at 1.5370 then I will believe the bulls and exit my entire position.
(Sounds like a perfect scenario for 1.5170/1.5370 range trading!)
Sean,
if cable rallies towards 1.537 and break it, will that change your perception? Then perhaps any dips from here onwards will be a bid?
I might buy dips towards 1.5236 but with a small position.
I’m long Danny, so obviously I think it goes up but I’m not overly confident which is why I’m booking profits on way up
i see your point. Cable is struggling with the 61.8 level.