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Until next time

happy trading 

Mr Phil Newton or on LinkedIn Phil Newton trader

week comm 25th July

Phil Newton's picture
This weeks threads Hi folks, Looking at the COT futures data for cable an it is still highlighting a long bias with what seems to be no end to this spectacular run down. Having found support of last years low (horizontal red line) this now presenst some each way posibilities. A continuation could well see a 3rd wave down targeting the 1.67 area, with a BO pullback scenario. This may also create a long option for a deeper pullback if the COT bias kicks in at these levels, targeting an intermediate TL or a move back to the previous swing high at the 1.84 levels with an posible target back upto the 1.92 after this. Ultimately the trend is still down on the weekly chart.