The Cable.

Good evening Dynamic Traders,

May I take this opportunity to thank our Mentors for perservering with me on my up and down journey in Forex trading and for Javid's extremely kind words on the sister blog relating to me becoming a full time trader which has been an obsession and ambition of mine for many years which has only been made possible through 'The Dynamic Trader', thank-you guys, truely, very, very much appreciated.

Tonights chart on the daily timeframe, and looking for a swing trade opportunity is the GBPUSD, which I am keeping on my watchlist.

As can be seen from the chart below, it has been heavily in a downtrend but is showing signs of it possibly running out of steam which may present a long trade opportunity should the confluences show themselves, and if not then a continuation down could be the order, either way we should all be ready.

You will notice that we have had a possible 123 which if traded as such would have given a good pip profit, but as I did not swing trade this but have entered previously intra day I am now looking for a good entry without 'chasing the trade', and therfore am planning my entry.

There is currently a squeeze formation happening which is restricted to the upside by the trendline and to the downside by former resistance and a trendline.
Todays price action has produced a spinning top (although not finished) and RSI is still below fifty.

The lower timeframe is showing a likely pullback at least and therefore I am going to wait for direction albeit I am second guessing my swing trade direction.

Whichever direction it does take we should all be ready to trade this with the rules learnt from our webinar/mentoring classes.

As always please do your own analysis before taking any trades.

Charts courtesy of TradeStation.

Good luck to you all with your trading endeavours.

Clayton Farnworth.