Consolidation on the Cable

The cable is heading into today’s (Tuesday) Asian session sideways. There is a triangle pattern that has formed as prices are trading around the 1.4050 psychological level.

I have to mention that as I am still getting better from being pretty sick over the last week and am slowly venturing back into active, intraday trading with mainly the 15 minute time frame. I prefer to use this time frame when I am not feeling well since 15 minute trades typically have a shorter lifespan.

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The market cycle is confirming that the triangle is a viable pattern for the current environment and so I will look to play a breakout/breakdown going into the Tokyo session it it triggers.

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Keep an eye on the MACD Histogram for confirmation of the move!

p.s. the PDF for the Chartology blog is still being edited and while it’s taking me a bit longer than expected, it will be here soon!