Inside technicals and chart patterns by 
I love following up trade set ups because they show how one trading plan can morph into another and remind us all just how dynamic the market can be.
So here’s the follow-through to the upside from yesterday. Prices rallied toward the Forecast Region of the original 60 minute triangle breakout and fell just a handful of pips short of the initial resistance I was looking for.
Now ofcourse we see that the market has broken down and here’s why it’s so important to 1) realize that a Forecast Region or Profit Target can be a ceiling and to 2) always be aware of the next possible set up.
The cable sold off from the 1.6655, just five pips shy of the lower level of the Forecast Region and five pips above the 1.6650 major psychological level.
The next set up another triangle and here the uptrend line support broke. Again, it’s the 60 minute chart so basically after the breakout lost momentum, prices settled down again only to break support for a breakdown. I think it’s also important to notice that these two triggers occurred during two different financial center overlaps. The first occurred during Asia (Sydney/Tokyo/Hong Kong/Singapore) and the second during the Frankfurt/London overlap. Be aware we are now in the Frankfurt/London/New York overlap and another scenario could certainly present itself! Also note that this 60 minute cable is no longer in a sideways market cycle but now in a mark down.