Cable has been revolving around two key levels, a recurrent price level in the daily chart, as well as the options expiration line from Tim West's Key Hidden Levels indicator pack.
Both lines have slowed price down initially, to then reject it on retests.
Price overextended on the lows recently, in a pretty forceful and steep manner, so a correction is implied.
I'll look for a long setup, if the lowest high of the decline is surpassed, with a 1 atr stop, targeting the options expiration line.
We can then proceed to short this pair, as long as that line holds price and rejects it. Stop for the short will be placed 1 atr above the options expiration line.
For both the long and the short positions, the first target is 1 atr. Once that target is met, I'll take profits and let half the lots run with a break even stop.
Trade safe, and have a nice weekend folks ;)
Both lines have slowed price down initially, to then reject it on retests.
Price overextended on the lows recently, in a pretty forceful and steep manner, so a correction is implied.
I'll look for a long setup, if the lowest high of the decline is surpassed, with a 1 atr stop, targeting the options expiration line.
We can then proceed to short this pair, as long as that line holds price and rejects it. Stop for the short will be placed 1 atr above the options expiration line.
For both the long and the short positions, the first target is 1 atr. Once that target is met, I'll take profits and let half the lots run with a break even stop.
Trade safe, and have a nice weekend folks ;)