Discussion in 'Forex Trading' started by jerry11901, Dec 2, 2005.
The hourly uptrend line may indeed have been broken, but it would be considered a minor trendline. Take a look at the higher timeframes.
Well, I've no problem with your daily downline, as that longer-term downtrend in cable is obviously still intact. However, I was referring primarily to the 2- and 4-hour timeframes over the last couple of weeks, where cable has been slowly but surely struggling to retrace (to the upside), in my view.
Now, I rarely, if ever, get into the specifics on ET, as I trade 3 different timeframes in a number of accounts, some of which always take opposite positions at any given time. But here's my current view on cable, in brief, on the intermediate timeframe (trade duration ranging from days to weeks). Until I see cable successfully breach the 1.7376 - 92 zone on the upside, I will not consider the retracement of the most recent major down move from 1.7904 - 1.7050 (Oct. 27 - Nov. 27) complete. 1.7392 is the Oct. 12 low, which we broke on Nov. 6. 1.7376 is the 38.2 fib. (Current = 1.7280)
In that timeframe account, I've been long since 1.7150s - 90s and will retain that long bias there until the above retracement levels are seen. On the shorter timeframes I trade every day, I do my best to disregard that bias. Hope that helps.
Time to short GBP-USD
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