Name the pattern?

Another classic pattern has set up this morning on Cable.

Whilst we have been waiting for Cable to move higher for some days, this pattern suggests a rally is likely.

BTW, reply or email with correct name.....george@clickevents.co.uk

A break of 1.97

Cable is showing signs of a strong attempt at breaking through the 1.97 level this morning.

The key for this move is to break above the blue line.

When is a trend.....

Well done to all those who got the direction right on the CADJPY pattern. It is of course a Gartley and the full explanatory video is now available to Traders Class members, details here

Cable retraced all of it's up move from the reversal lat week but didn't close lower yesterday. Today's rally kicked off directly after those amazing UK retail sales figures and it didn't look back all day.

So when is a tend, a tend? Right now the former trend line was broken last week and now there is a higher low. Until a higher high is put in above the blue line Cable is still in a trading range.

Identify this pattern

Whilst the GBPUSD is looking weak today, an opportunity has developed with the CADJPY.

The pair have completed a pattern that has great potential. Can you identify the pattern and also tell me which way price must go for the pattern to be correct?

All answers will receive a free gift, correct or not....

Email: george@clickevents.co.uk

No follow thro'

The Euro/GBP found enough support at .74 to stop any sell off and the previous trade just might get going again. We are now on the sidelines with that pair but our attention has been focussed on intra-day plays on the GBPCHF, USDCAD and USDJPY.

However, we are reminded not to ignore the potential reversal in Cable. We have seen a rally following the reversal day up to a key resistance level. Price may have to retrace further towards 1.95, but there is plenty of potential if the red line can be overcome.

EURGBP vulnerable to a sell off

This not a pair I usually trade as an average days movement is seldom more than 60ish pips.

For swing traders, there is plenty of potential of course and price action over the last few days suggests a more downward bias. There are two shooting stars now (assuming price closes tonight in the current region) and price rejected a move higher to a pre-determined resiostance point at 7544 last week.

The lines tell the story, any further weakness and we will be positioned short with the 7200 region in our sights.

Time to take profits

The Euro has performed superbly this week and has now reached the profit taking zone.

Whilst there may be more to go in time, we are are content to bank the majority of our 300 pip profits and look for the next, low risk trade.

And the Euro gets moving...

The Euro had an attempt at regaining the high ground but now it has 1.47 in sight.

Sea change

The Euro has failed to make new highs today and this is the third attempt to make a clean break above 1.49.

At the very least there needs to be consolidation before a further attempt. At the most, this is the start of a sell off.