I’m watching two charts of the cable for a set up. The 60 minute chart is in an uptrend and so I’m patiently waiting for a pullback to the 1.6609 area for a swing buy in front of the 1.6600 psychological level.
In the meanwhile I know I need some weakness to get that correction so take a look at the 15 minute chart (above) and the wedge pattern that has broken the uptrend line supprt but has yet to really follow through to the downside. The market cycle on the 15 min is sideways as the narrow sideways channel have been holding. You can look for triangles in this market cycle as well…
Bottom line is that without the breakdown on the 15 min chart I am not going to get my swing buy on the 60 so there are actually two trades to consider. 1) The channel breakdown on the 15 which would be a momentum short and 2) the swing buy on 60 if prices reach the 34ema high support.
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