It might be worthed to click on the attached chart and open it in a different screen. You will see that the Cable hit the Lower Trendline of an important Bearish Channel and, at that support level, prices formed a Piercing Pattern on May 19th along with a Hammer the next day, May 20th. The next day May 21th being a Bullish one, along with all oscillators indicating a bottom strongly favour the bulls.
Also take notice of the major Broadening Wedge Descending highlighted in yellow. Another indication of a bottom.
So my strategy is:
* LONG above 1.4500 with a tight 30-pip stop and LIMIT at 1.4780.
Also take notice of the major Broadening Wedge Descending highlighted in yellow. Another indication of a bottom.
So my strategy is:
* LONG above 1.4500 with a tight 30-pip stop and LIMIT at 1.4780.
Below 1.4420 this Bullish Momentum is negated.
