Staring it off.

rat,

Thank you for your comments. I value them greatly and will reflect on them!.

Good Trading,

Al

Here is an example of roofer's "Beauty and Simplicity" trade with the 0.886 point following an opening gap.



I did not paper trade this one.

I made a bit paper trading COH today.



Note the 0.886 fibo retrace came before the opening gap.

My plan for the morning is to short Cable off 1.2545 and try to sit through a drop to 1.2420.

But it is rising sharply, instead. 1.2680 is where they want to send it, I guess.

CREE looked like a SELL candidate to me. Instead, I made a bit chasing this up near the OPEN. There was also, a Kane DT ABCD at 0.486 fibo, which would sound an alarm that the SELL might not work (per roofer), had I seen it. CREE had a good earnings report yesterday, after hours.






Al

15 pips to that level.

Originally posted by MarcinO

But it is rising sharply, instead. 1.2680 is where they want to send it, I guess.

Cable 'saw' the area and is starting to roll over. My best scenario support is about 1.2570.
I will post the chart later along with alternative levels.

1.2625 is the first support.

Charts for 1.2570 and 1.2480 areas. The former seems more likely to stop the Pound, but we will see of course, how price action unfolds.

Depending on timing of the move, 1.2520 might be a good alternative for 1.2480

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