Cable is in a very strong downtrend with a extreme low at target of 1.3835 (confluence of a 5th wave extension + 2 fib extensions of swing highs and lows.
At the same time we have bullish RSI divergence appearing on H3, H4 and H8 charts. With this in mind, longs target;
- TP1 1.4030 3:1 reward risk (1:1 risk reward from current levels)
- TP2 1.4250 6.8:1 reward risk (3.3:1 risk reward from current levels)
Below 1.3900 puts this scenario at risk
Phase in 3x reversals below 1.3830 for moves into 1.3760 for break even and moderate profit
At the same time we have bullish RSI divergence appearing on H3, H4 and H8 charts. With this in mind, longs target;
- TP1 1.4030 3:1 reward risk (1:1 risk reward from current levels)
- TP2 1.4250 6.8:1 reward risk (3.3:1 risk reward from current levels)
Below 1.3900 puts this scenario at risk
Phase in 3x reversals below 1.3830 for moves into 1.3760 for break even and moderate profit
Comment:
TP1 1.4030 hit
Trade closed manually
Comment:
TP2 1.4250 hit after early NFP exit @ 1.4110 :(
Trade outcome = (+145pips + 215pips)/2 = 180pips for 50pips risk
Trade outcome = (+145pips + 215pips)/2 = 180pips for 50pips risk