Cable - Short opportunity in the making...

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.