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Topping formation in cable give us a party in Cable (again) at the European opening

Posted on May 22, 2009 at 5:40 in Market comments by David Aranzabal

Today we get a topping formation in cable at the European opening, the price is making new highs every day so we are expecting some corrections. This is the review:

- Topping formation in 60m.
-Price approaches yesterday’s high after the Frankfurt open, but fails.
- 123 formation and ascending trendline broken on 1m. chart (First short entry opportunity). Stop above previous swing high
- Price breaks Asian support (Second entry opportunity). Price rebounds.
- Partial profit taking just in case is a false signal. Let the rest running..
- Profit target for the rest: 1, 5750 is round number and 38% retr previous leg in 60m
- If you don’t close position there you can see a exhaustion figure at that level, 123 pattern, so the price is telling you it may turn around.

2 Responses to “Topping formation in cable give us a party in Cable (again) at the European opening”

on 22 May 2009 at 6:41 am1rockk

Hi David,
how we attend your trading live?
thanks
rockk
on 25 May 2009 at 4:11 am2David Aranzabal

Hi rockk,

Thanks for visiting the blog.
We are trading at http://www.fxforaliving.com , we offer trading education, but at the moment we don’t offer live trading room for customers, as we need more staff to organized it , but we are considering it for the future, as many traders are asking us.

Regards,

David Aranzabal

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