I hate to pick on a single pair like this, but ever since last week it seems like the cable has been opening itself up for some serious trading abuse. Let's follow the numbers: first the market gave us a double bottom before shooting up for some money in the bank. After retracing, the market gave us another double bottom at the same area, daring us to buy again. Although the market didn't jump as much as it did the first time, it still allowed for some pretty good profit taking. It then retraced back into the structure area giving those who missed the second trade a chance to get involved. Hopefully they didn't pass on that opportunity because, well as you can see see the market shot up for a third time offering even more money for us greedy traders (as Jason would say). Lastly the question is where is the next valid point. Well my prediction is possibly box #4. When I started writing this post last night I saw that there is a bat pattern completing at that level and as I loaded up the charts this morning, I noticed that price action didn't stop exactly at that point, but it also didn't invalidate the pattern. Add to that the fact that a 3 drives completion is at that same area makes it Either way we sucked enough money out of this market to make up for a loss. Keep winning traders!
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