Hi guys, happy Tuesday.
A long position is on the cards here for the cable pair. as you can see major trend line resistance has been holding now for quite some time and price cant seem to break it try as though it might.
A minor 15m resistance has started to also form on the 1.30585 area, which is where price is currently hovering.
We took a nice short position yesterday on the pair which was spotted on my previous idea.
As always though we stick to our plan.
Price is currently in an uptrend there fore we trade with the trend (the trend is ALWAYS out friend).
I have a feeling that price will once again reject the major trend line and shoot up.
I will be waiting for all of my criteria to be met before entering this one as always.
The criteria being:
RSI above 50
MACD histogram coming from negative to positive/slightly negative to show the beginning of a new trend/reversal.
Stochastic heading up but not overbought.
And finally the 5 and 10 SMA cross.
No major data coming out of either currency so i don't think the fundamentally are going to affect price too much today.
But we will keep a close eye as always.
Cheers guys,
Let me know your thoughts.
A long position is on the cards here for the cable pair. as you can see major trend line resistance has been holding now for quite some time and price cant seem to break it try as though it might.
A minor 15m resistance has started to also form on the 1.30585 area, which is where price is currently hovering.
We took a nice short position yesterday on the pair which was spotted on my previous idea.
As always though we stick to our plan.
Price is currently in an uptrend there fore we trade with the trend (the trend is ALWAYS out friend).
I have a feeling that price will once again reject the major trend line and shoot up.
I will be waiting for all of my criteria to be met before entering this one as always.
The criteria being:
RSI above 50
MACD histogram coming from negative to positive/slightly negative to show the beginning of a new trend/reversal.
Stochastic heading up but not overbought.
And finally the 5 and 10 SMA cross.
No major data coming out of either currency so i don't think the fundamentally are going to affect price too much today.
But we will keep a close eye as always.
Cheers guys,
Let me know your thoughts.