NITTS - A Potential Cable Short 6-Mar-16

NITTS – A Potential Cable Short 6-Mar-16

A question from a Pro Member regarding Cable (GBPUSD) and the No Indicators Trend Trading Strategy (NITTS) – A strategy which is included in our comprehensive Pro Membership package.

The question was…

After such a bullish week how should I position myself on Monday morning?

Well, if we look at the GBPUSD 1 Hour chart, we can see that bullish price action from last week. The trend turned round on Wednesday afternoon for an Entry around 1.4045. The Initial Stop (which was at 1.3830) was then moved twice – To the Higher Lows (HLs) when the previous highs were broken. The current Stop is “in the money” at 1.4100.

NITTS - A Potential Cable Short 6-Mar-16 Chart

This means to position for Monday, applying the NITTS – We would have a Short order as follows, Entry 1.4100, Initial Stop 1.4250 (the most recent high), Target open.

I would not, as I have already missed the Long entry from last week go chasing this on the Buy side.

Hope it’s useful.

All comments welcome…

The No Indicators Trend Trading Strategy (NITTS)
Can Be Applied To ALL Instruments On ALL Time-Frames
It is included in our comprehensive Pro Membership package available HERE

DISCLAIMER & COPYRIGHT

This update is based on my analysis on my charting package. It may differ to yours as it can be affected by time, market movements, charting packages and broker prices. I accept no liability for loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on any information in this report or analysis.