Sterling has been blasted lower after BoE governor Carney cast doubt on a previously pretty-much-expected UK May rate hike. The EU's rejection of Britain's latest Brexit-Irish border plan only served to deepen the rot.
Squawk / 29 June 2016 at 11:28 GMT
Hypothesis Testing
United Kingdom
This might be of use.....chart is relevant to LONG TERM holdings however eg applicable to pension accts/SIPPs where you can only self trade to the long side.
Chart is BHP Billiton...a diversified ore producer.
I have highlighted prior crossover areas for bearish moves but ADX strongly up and any crossover would provide the strongest signal of a DMI+ above the ADX and DMI- being below to confirm a directional move. Using weeklies we got a buy signal at 856p and trade is profitable but the real longer term signal is currently building. Weeklies suggest the old cup and saucer pattern fwiw.
For long term positional trades you need a spread of 10+ on dmi+/dmi- also if both of these are above the ADX do not trade the signal as it implies market chop only and not direction.
fxtime fxtime
Obviously the last few signals highlighted were bearish signals so we could only position short via options or cfd but this time we can seek a benefit to our long term trade accts.


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