Exactly my thinking. And the drop beneath 6270 was stop hunting rather than selling, so long again from the bottom to close for about 20 at the good old 6272 level.

Islander and Medici trade the European open

A retrace to 4250 should happen, but I wonder whether it will be this morning...doesn't look like it to me, but 8am may prove me wrong.

Islander and Medici trade the European open

Thank you! I noted that it's from CompassFX. Do you have experience with their products?

Islander and Medici trade the European open

I shorted at the open, but there seems to be demand, possibly Cadbury related, so I closed when it stalled at S1.

Islander and Medici trade the European open

Note that 6325 is 50% of this night's drop. 61.8% and MS1 comes in around 6335.

Islander and Medici trade the European open

GM all - that's some action during the night. First stops under 4250 were taken out in the Euro and barrier options triggered at 4200 pulling cable down along with it. And late in the Asian session another stop hunt under 6290 and 4183. So many ...

Islander and Medici trade the European open

Very good idea. And in addition to considering them separately, it might be good to do a bit of comparison and perhaps have a plan for both. Today, for example, it might have sounded something like this: Cable has broken through yesterday's high. ...

Islander and Medici trade the European open

Nice chart. I noticed that one....after the fact.... Again, Euro has a cleaner chart and the trades would have been obvious if focus hadn't been on cable.

Islander and Medici trade the European open

How wrong I was! I missed out on some good action. Well, well, it's a new day tomorrow.

Islander and Medici trade the European open

The fun is over for the morning, it seems. Going out for a while. Will be back later. Congratulations to Islander on good trading!

Islander and Medici trade the European open

You've done well today, whereas I have been mostly watching. Another factor having an impact today, I believe, is that the equity markets are taking a hit. The FTSE is down more than 1%.

Islander and Medici trade the European open

6453 is the 61.8% level of the range from early July that has been in play ever since. So it might stop the upward journey for now. Edit...and the 38.2% level was the clear buy yesterday morning at 6272.

Islander and Medici trade the European open

Yes, I would expect good sized orders to be placed at yesterday's high after the breakout, but I wouldn't expect follow through before the news.

Islander and Medici trade the European open

Another good one! Missed it as I was away to get a cup of tea and something to nibble on.

Islander and Medici trade the European open

Well done. I wouldn't bet on a breakout after 8.30 when volumes usually start to decrease. Even more so today with the news coming up. I am still enjoying my patience pill...there were some easy ones in Euro and Aussie, but I had my eyes elsewhere.

Islander and Medici trade the European open

Yet another thing underpinning the move: url Definitive conclusion on that at 9.30.

Islander and Medici trade the European open

The 6428 level, by the way, is the 38.2% retracement of the drop of 2008. Not insignificant. Edit...and 6410 is the high of the mid December consolidation after the first leg of the post NFP drop.

Islander and Medici trade the European open

A rally this early, around the Tokyo fix, and then consolidation in a channel, seldom retraces but is usually bound for continuation. But the low volume and the hesitant price action make me wary, so I'll practice some patience until 8am.

Islander and Medici trade the European open

GM. More than anything, I think this is behind the move up: url So front-running in anticipation of M&A flows.

Islander and Medici trade the European open

MFI divergence again — Hello all, I have been to the gym instead of practising patience in front of the screens...plenty of good shorting opportunities in cable... I was struck earlier by how MFI divergence signalled that the move up was an ...

Islander and Medici trade the European open