Loving the Cable

I've just gone long the Cable, which given it's tightening range probably strikes you as pretty strange behaviour. Allow me to explain...

You can see from this chart that having returned to its spiritual home of the 1h 800 sma, the pair has ranged and the moving averages are squeezing together nicely. On the face of it the pair could break either way.

However, I note that the 800 sma has twice repelled Cable to the upside and it looks like it wants another go at downward sloping resistance. I think that there may be a reason for this, and the clue was passed to me by a very sharp individual called Rob Booker...

You can see from this that last week it never managed to tag its Weekly Pivot point. Now that's rare.

...Also, on last monday, not only did it fail to tag its Daily Pivot, but it blew right through its S3 support. This is also very rare.

These 2 levels are co-incident at 1.4830 and that's where I am hoping the pair want to re-visit.

A safer trade would be to wait until the pair closes on the 1H time-frame above sloping resistance, but if it achieves this, I want to be leveraging the trade up.