Here’s another one for us to keep an eye on as things play out this evening. It’s a cable long, and it’s caught my attention based on the pin bar we are seeing on the daily chart. The cable has been consolidating for a while now, at least on the longer term charts. There’s going to have to be some degree of capitulation on this consolidation, and I think this pin might be the red flag that this consolidation is about to play out.
The chart below illustrates the action, and the pin bar in question.
So, as the chart shows, the pin has formed around 1.25, and I’m going to watch for the close of the pin in and around this level to signal long. If I get in, I’m going to target 1.27 – a level that has played a key role in price action of late, and one that I think is aggressive enough, while not being too much of a stretch.
Let’s see what happens.
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