Thursday, April 2, 2009

04/01/09 Cable Made a Tricky Narrow Range Breakout

The narrow range breakout for cable happened at 4:am during London session. At the beginning of US session, cable made a 100-pip quick slide, shaken out most weak hands, and rallied up the rest of the day. Remember 03/31/09 was a NR20 (narrow range 20 day). Once cable crawled back above 1.4372, the daily directional bias should still be upside. Now it's already Thursday morning 6:50am, the real jump happened at 1:00am and followed through during London session. It's a up trending day for cable.

It was a NR7 for both euro and yen.


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