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.
Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.
Latest posts by admin (see all)
- How To Plan a Trade From Start to Finish - May 3, 2016
- How To Trade The Eur/Usd Right Now - April 29, 2016
- Eur/Usd Could Move Higher Based off of Support Pin Bar - February 19, 2016
Winner’s Edge Trading, as seen on: