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phillo

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Guest oilfxpro

Here is very old chart, I used to look for correlations on support/resistance, trend lines and channels plus behavior of egbp.

 

Cable is strong &  breaking out

 

corr gbp usd  eur usd.jpg

 

 

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Guest oilfxpro

More important than times frames, in fx is confirmations from other pairs like eur/usd that dollar is weak.If Euro usd had broken resistance, this would be a good trade, but as it did not I lost money!Not blaming anyone , but showing importance of confirmations from other pairs.

 

cable breakdownd.jpg

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  • 2 weeks later...

now the retrace is on & I think the BoE today.   Maybe a test of that "Break out bar" . Also note the other point I have arrowed, has the potential for a "Nose Pattern" going forward    i.e.,  another point price maybe attracted to.  I know this is an "either way" scenario, but it's just an observation, not a call.Capture gu.PNG

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