30-Minute Chart - Big Picture
30-Minute Chart - close-up
(CLICK ON THE CHART TO ENLARGE IT)# Weekly shows a major bearish trend but with a possible pull back to price zone 2.0000.
# Dailies show bullish strength to reach at least the 62EMA which is at 2.0000
# 30-Minute Chart shows 1 Rounding Top formed during the period from Jan 22th to 23th, that worked very well. Prices rallied to 162% fibo projection after prices broke its dome at 1.9644. Prices broke top of major bearish channel (see blue lines).
Honestly the Cable is very tricky due to the following scenarios:
1) Dailies favour a rally up to 2.0000
2) 30-minute chart shows a Tripple-Top at 162% fibo projection strongly favouring a bearish correction to 1.9630 which is 62%fibo last up move (see yellow fibo lines) thus possibly completing the Rounding Top formation.
Prices formed a 80-pip Trade Range, from 1.9765 to 1.9847. This is a strong one and the significances of its top and bottom are:
# Top at 1.9847: 38% fibo major up move 1.8518 to 2.0654; Jan 04th high (historical resistance); 162% fibo projection; Tripple-Top.
# Bottom at 1.9765: this is where the following Fibonacci levels overlap: 23% bearish move 2.1161 to 1.9331; 138% fibo projection and 23% fibo up move 1.9496 to 1.9847.
Entries will only happen at break of this Trade Range:
## BUY break 1.9847 with STOP at 1.9835 and LIMIT 1.9960
## SELL break 1.9765 with STOP 1.9785 and LIMITS: 1.9715, 1.9675 and 1.9650
If you want aggressive entry points: Buy or Sell a failure at the top or bottom fo this trade range. Same limits.
