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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.

gbp 15 3-3-2009 4-50-07 PM.gif

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.

gbp 15 mt4 3-3-2009 4-49-18 PM.gif

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!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.