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Wait and see.. gives us a good rally in cable

Posted on May 18, 2009 at 5:28 in Market comments by David Aranzabal

Today we hadn’t a clue about the possible outcome of the markets at the European opening. There was no indications of any pattern in the bib picture, so we decided to be conservative and “wait and see..”

After forming a consolidation at Asian support level, just after London’s open we got a descending trendline broken in the 1m chart, we wait for the retracement and went long with less contracts than usual, being more conservatives. Luckily (that was luck) we got a nice rally that hasn’t finished yet.

- Price consolidates at Asian support level.
- Descending trendline broken in the 1m chart.
- We entry very conservative on the retracement
- Stop below the previous swing
- Partial profit taking at the same stop’s distance (30 pips)
- Let the rest run, Nice rally, higher highs, higher lows
- Price consolidation at 50 and 78% fib retr. Time to close the rest

4 Responses to “Wait and see.. gives us a good rally in cable”

on 18 May 2009 at 6:59 am1Ron Lupi

Seems any updates or analysis is always after the fact. Are there any trade recommendations made?
Thanks
Ron
on 18 May 2009 at 10:00 am2David Aranzabal

Hi Ron,

Thanks for your comments.
Yes Ron, the propose of this blog is educational.
I don’t usually provide neither trade recommendations nor alerts service. My goal is that after watching the reviews (videos and articles) everyday you can learn or improve your trading. I trade almost naked (no indicators). Just following price and focusing in the start of the European and N.Y sessions.
Thanks and keep posting!
on 18 May 2009 at 9:05 pm3gelagou

very good.thanks.
on 19 May 2009 at 2:39 am4David Aranzabal

Hi gelagou,
welcome on board!
Thanks for your comments.

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