Forex VPS
Forex VPS
ForexFunction Logo

"Forex trading involves a high level of risk"

Forex VPS
 Market Comments |  Technical Indicator Signals |  Cross Pair Rates |  Live Spread |  Live Charts |  Daily Pivot Points

Cable’s shooting star brings back to 3-weeks lows | February 14, 2019

Print PDF

Cable’s shooting star brings back to 3-weeks lows – Snap deceptive rallies to deploy tunnel spreads and short hedge on major downtrend:

Technical chart and candlestick patterns:  GBPUSD  (cable) has formed shooting star patterns at 1.3106 and 1.3157 levels on daily and at 1.3755 levels on monthly plotting.

The minor trend has developed the sloping channel previously (refer daily chart ).

For now, although cable’s current price sentiments are attempting to build on the rebound from the lows of 1.2373 regions, the bullish sentiments in the minor trend is now hampered on above-stated bearish patterns.

To substantiate this bearish stance, both the momentum and trend indicators are indicating strength and intensified selling momentum as it hits 3-week lows. Both DMA & MACD crossovers indicate downswings to prolong further to approach previous channel resistance.

On a broader perspective, we saw the resumption of major downtrend after brief consolidation phase, slumps below EMAs are observed upon shooting star formation.

For now, the trend is on the verge of retracing 78.6% Fibonacci levels as both leading and lagging indicators in tandem with selling sentiments & bearish EMA crossover.

Overall, bulls for the day are attempting to show some minor rallies but remember they can be deceptive as the upswings are likely to be restrained at 1.2896 (i.e. 7-DMA levels).

Trade tips: Well, on trading perspective, at spot reference: 1.2864 levels, contemplating above-explained technical rationale, it is advisable to trade barrier option strategy using boundary strikes, upper strikes at 1.2896 and lower strikes at 1.2830 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX remains between these strikes on expiry duration.

Alternatively, on hedging grounds, shorting futures contracts of mid-month tenors were advocated, now we wish to uphold the same position as the underlying spot FX likely to slide southwards 1.2424 levels in the medium terms.

Writers in a futures contract are expected to maintain margins in order to open and maintain a short futures position.

Currency Strength Index: FxWirePro's hourly GBP spot index is inching towards -36 levels (which is bearish ), while hourly USD spot index was at -34 (mildly bearish ) while articulating (at 04:36 GMT ).

Submit Your Comments:

 Forex Trading VPS


Windows 2008/2012 | Server Location Amsterdam, France, Canada | Low Latency From Brokers| Super Fast Trading Experience | All types of EA supported | 3 Days Money Back Guarantee

Plan NameBuy Link CPU RAM Disk BandWidth Price (Montly)Price (Quarterly)Price (Semi-Annually )Price (Annually) InstallationBackUpSetup Fee
Economy buy now2 Core 756MB 15GB 1TB $6.50/M$6.20/M$5.90/M $5.50/M MT4 Pre-InstalledYesFree
Standard buy now 2 Core 1GB 25GB 1.5TB $8.50/M$8.20/M$7.90/M $7.50/M MT4 Pre-InstalledYesFree
Premiumbuy now 2 Core 2GB 40GB 2TB $16/M$15.50/M$15/M$14.50/M MT4 Pre-InstalledYesFree
Advanced buy now4 Core 3GB 60GB 2.5TB $26/M$25/M$24/M $22/M MT4 Pre-InstalledYesFree
Professionalbuy now 4 Core 4GB 80GB 3TB $33/M $32/M$31/M$29/MMT4 Pre-InstalledYesFree
Business buy now 4 Core 6GB 100GB 4TB$46/M $45/M$44/M$42/MMT4 Pre-InstalledYesFree
Platinum buy now 4 Core 8GB 120GB 6TB $59/M $58/M$57/M$55/M MT4 Pre-InstalledYesFree
Diamond buy now 4 Core 12GB 180GB 8TB $89/M $87/M$85/M$81/MMT4 Pre-InstalledYesFree

***We accept Neteller, Skrill, MasterCard, Paypal, Payza, Perfect Money, Webmoney !