The markets are closed in the US on Monday 18th of January, but will be trading everywhere else in the world. I would expect the N Y session to be a non event and i will probably not enter any swing trades untill Tuesday.
The cable looks very interesting.
On the daily chart above, the price has made a falling top and the stoch a rising top . This divergence pattern predicts a sell off in cable with a high hit rate . In my seminars it called an Eva Mendez setup. There are several other features ,which together with the divergence, make this pattern one of the most reliable in my toolbox.
On the daily, the price action is healthy for a sell as the market has charted out a bearish outside day. The stop on the daily is excessive and i will try to get a more elegant entry on the four hour chart. The potential move is many hundreds of points . I will report at the start of the London session on the technical situation on the four hour cable chart.
I am happy to report that the Elliott analysis on the Euro $ that I posted seems to be working out as stated.
Enjoy whats left of the weekend and good trading tomorrow.
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