Categories: Technical Analysis

Looking to long the Cable

Hello dear friends, traders and followers.
Today I will explain and discuss the buy opportunity that is being formed on the Cable. Switch to the H4 chart and as you can see, there is divergence that is being developed at the moment along with up trend line waiting for us a bit lower. We are following the range between 1.5290-1.5210 as a potential BUY ZONE. Once the price enters this zone we can switch to the H1 chart or even the M15 chart and find our entry there. Keep in mind we are in NFP week which might cause ugly moves, false breaks etc. So keep your risk low and trade carefully. Take trade setups that are clear and obvious. Here is the plan:

Technical Overview:
H4 – bullish divergence forming, up trend line, support zone

H1/M15 – Once the price enters the BUY ZONE we should start looking for buy triggers. That could be divergence with MACD confirmation along with bullish candle pattern, Bullish candle pattern (h1) near the up trend line, down trend line (m15) that is being broken, patterns like flag or wedge etc
Target 1: Gap Zone near 1.5435
Target 2: Last High near 1.5540
Stop Loss: below the up trend line and support

Video Explanation:

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.