Looks like the Cable might start hatching out of it's bearish
stranglehold at last. The Bullish 2.618 AB=CD pattern seems
to offer a 'ladder' of sorts for price to commence a small
medium term correction to the upside. I am convinced that
there is still more potential to the downside, however, for
that to be the case more sellers are needed from a little
higher.
The key with this bullish correction - should it materialize -
is patience and above all caution; trade with smaller lot
sizes than usual in case there is a sudden drop to the
downside again. Additionally, it might be worth while to
wait for the RSI to cross and hold above the 50 level to
ensure sufficient bullish pressure.
Keep a close eye on the 10 SMA, or any other MA of your
choosing, to determine stop/ loss levels dynamically.
Trade 1 long (RvR ratio 2:1)
Entry: Close above 1.3300
S/L: 1.3223
T/P 1: 1.3359
T/P 2: 1.3406
T/P 3: 1.3454
Trade 2 long (RvR ratio 2:1)
Entry: Close above 1.3454
S/L: 1.3377
T/P 4: 1.3522
T/P 5: 1.3608
As always, scale out your profits and adjust stop/loss to
suit your personal risk management profile.
Happy trading
stranglehold at last. The Bullish 2.618 AB=CD pattern seems
to offer a 'ladder' of sorts for price to commence a small
medium term correction to the upside. I am convinced that
there is still more potential to the downside, however, for
that to be the case more sellers are needed from a little
higher.
The key with this bullish correction - should it materialize -
is patience and above all caution; trade with smaller lot
sizes than usual in case there is a sudden drop to the
downside again. Additionally, it might be worth while to
wait for the RSI to cross and hold above the 50 level to
ensure sufficient bullish pressure.
Keep a close eye on the 10 SMA, or any other MA of your
choosing, to determine stop/ loss levels dynamically.
Trade 1 long (RvR ratio 2:1)
Entry: Close above 1.3300
S/L: 1.3223
T/P 1: 1.3359
T/P 2: 1.3406
T/P 3: 1.3454
Trade 2 long (RvR ratio 2:1)
Entry: Close above 1.3454
S/L: 1.3377
T/P 4: 1.3522
T/P 5: 1.3608
As always, scale out your profits and adjust stop/loss to
suit your personal risk management profile.
Happy trading