18/11/09 – Cable – back into it…and should have stayed in bed.

Well after a few weeks R&R I was raring to get back into it today.  My Relative Strength analysis pointed towards buying sterling and selling dollars but when I looked at the charts there was nothing to provide me with any enthusiasm.

Yes there was a break of a trendline between 1 & 2 however I felt that it was unikely to break recent resistance.  I thought there might be a nice reversal signal at point 3 but there was none of my usual suspects to help me define a reversal.

So Iended up sitting on my hands and doing sod all.  By 9am I was bored and there was an announcement coming up so I closed up and headed off for breakfast.  Not really the exciting comeback I’d hoped for but at the end of the day I want what the market wants.  And today I’m not sure that even the market knew what it wanted!

Take a look at EURUSD on the 5 & 15 min which was the nice trender this morning.  I’m working on adding in more currencies to help provide me with a few decent opportunities.

Oh well, remember being flat is a position. Tomorrow is another day.