Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
Cable was pretty strong today and increased sharply against almost every other major pairs.
But if you see figure below you can find out that on the daily chart price is at the 61.8 fibonacci retracement from 1.5736 to the low of 1.5316 and I like it because it’s exactly at the 40 simple moving average too.
In the hourly chart exchange rate has reached the 200 simple moving average as it bounced off it 3 times before I can imagine 200sma is in the action in the hourly chart:
And the last confirmation of this short setup could be a bearish gartley pattern on the hourly chart:
So for the setups:
I like to go short at 1.5544 when breaks 15 minutes shelf and will put my stop at 1.5595.
Profit targets would be 1.5515 and 1.5495 and 1.5475.
Keep it tight as the previous power of cable might send it higher.
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Winner’s Edge Trading, as seen on: