In the last post I said the safest entry point I could see at the time was 1.6665 for a short. I like to back up what I’m saying by taking the trades I talk about so I shorted cable @ 1.6670 as posted on Twitter. Unfortunately for me, I got stopped out for -50 pips for a 1% loss on my account. However, I’ve also been banging on about GBP/USD down to 1.6300. Well the good news is the pair did break 1.6300 yesterday 27th Nov 2009. My charts show price went down to 1.6272.
The area held and price has retraced showing very strong signs of a rebound back up towards 1.7000 again. I’m now bullish on Cable and will look for a buy signal and post it on Twitter if I see it.
James.