Normally my trading blotter for a particular currency pair shows 3 or 4 trades a week but my cable blotter for the last 24 hours has over 10 trades. I’m not sure if this is a good or bad thing! The good news is that I have a fairly decent overall entry level, the possibly bad news is that I have a large position and the market is falling!
Cable doesn’t always trade particularly well in line with the normal technicals but lots of people watch them so they are worth noting. The 61.8% retracement of 1.5275/1.6160 comes in at 1.5615 and that proved to be the low of 3 hourly bars overnight. I will stop out of 80% of my position on a clear break below 1.5600. I will use any rallies back towards 1.5800 to reduce the position size and then re-load on dips. That’s the cunning plan
EUR/GBP looks like it has room to rally back towards .8700 or even .8750, and this will also weigh on the cable.
