Check your "Cable"

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = GBP : Daily Chart (Posted Below)

Long Term Trend = Down : Short Term Trend = Down

Tomorrow is a Bank Holiday in the states, so things will be quieter than normal, here in the UK we will be full of the financials again as we continue the "Banking Saga's" from the week ends press and discuss whether the FSA have done the job they were formed to do ? I won't be commenting on that one. What I am doing is choosing the "Cable" to follow this week, so where are we ?

Having printed the news, there is a couple of item on this side of the pond that needs observing over the coming week regards this cross.

A quick look through the different time frames show a down trend overall.

The Day chart gives us some support and resistance trend lines of which the price has been moving since October last year.

Price is currently at a Fib breather level, which looking at the indicators should continue its downward movement.

MACD is below the zero line and is currently crossing the signal line pointing down. We did have divergence prior to our last lower low of 23/01/09. Dynamic Traders take note.

Stochastic s are currently pointing down below the 50 line.

RSI is showing us the final part of a "Head & Shoulders" ?

We are being presented with a number of confluences. do your own homework.















Courtesy of Advanced Get / E Signal

Welcome on-board ALL those starting their webinars series tonight. Take plenty of notes.

Check our other blogs, online

http://www.fxcps.eu/
www.fxcps.com.uk/blog
http://www.dynamictraderblog.com/

Trade with Passion

John Maher
Forex Analyst