theselfishtrader

Cable - Short opportunity in the making...

Short
FX:GBPUSD   British Pound / U.S. Dollar
A trade I have been stalking for some time. After breaking out of a previous area of consolidation, price has retraced back into this area. I will be looking for shorting opportunities intraday, with a view to a swing trade targeting the 1.230 region.

Supporting criteria:
  • RSI overbought
  • ADX approaching extremes
  • 61.8% Fib of dominant downswing has confluence with the congestion zone
  • 127.1% Fib extension of the current swing is within the congestion zone
Trade active: Short from 1.2381
Trade closed: stop reached: Out for break-even
Comment: Will look for an opp a little higher up as originally planned.
Trade active: Limit order at 1.245 hit.