Feeling like you have lost your way, things not quite coming together? Are you grumpy, irritable and wondering what you are doing wrong?
The partner giving you grief? There are people out there to help, be assured.
They may have comfortable couches, talk a lot about your childhood and repressed feelings; the word guilt may be mentioned and the words ‘ and how does that make you feel’ will crop up endlessly.
And there will be a significant bill (cash by the session, of course – you wouldn’t want to feel further guilt without paying on the nose!).
Of course therapy comes at a price and, sadly, one session doesn’t touch the surface – ‘I think you should sign up for a full course, sir’, in order to be fully ‘healed’ and all that!’
Full course? Of course.
The real secret to seeking direction, though, is surely to look at a bigger chart!
Try these for a few that I have been watching over the last year or so.
We are approaching a key test of 0.8050 where there is an undoubted barrier (option-wise), but a break, which will come more from euro weakness than pound strength, will encourage the big 0.80 level to be challenged and then we look to the 0.7750. Meanwhile, it’s a clear sell on rallies.
Cable has established a top, as expected, on approach to 1.7000. A downside break in the cross (mentioned above) will encourage cable to remain bid but I am not expecting a major hike, as it should follow a weaker euro should this scenario play out. If this happens look for a clear close below 1.6650 to start some serious adjustments of medium term longs.
Clearly the aussie has near term resistance at 0.9400 and if, as I expect, the USD starts to gather a little momentum we can see the aussie under downward pressure towards 0.8750.
Just a little something to consider. Trading the insides of these examples is all good, however I like to keep in mind the bigger picture.
I bid you a good weekend and happy trading – and just remember, it’s always better to ask the organ grinder, not the monkey!
Author: David Horton is a partner in Market Tutors Ltd in the city (markettutors.com). He has had a significant career in financial markets; he is a trader and trainer with a passion for coaching and mentoring with a good dose of humour.
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