Looking at recent moves in Cable, we see a nice short setup.
The price is now approaching to a supply zone made of horizontal resistance line 1.6151 and Fibonacci retracement (@1.6133) which constitute an interesting resistance zone where we can expect sellers to come in.
My target is the following support zone found at 1.6029 - 1.6038 two distinct Fibonacci retracements that will act as supports.
The entry is a sell limit placed at 1.6134, the RR ratio of the trade is equal to 2, the SL is set at 1.6180 price at which our bearish scenario would be considered not valid.
The price is now approaching to a supply zone made of horizontal resistance line 1.6151 and Fibonacci retracement (@1.6133) which constitute an interesting resistance zone where we can expect sellers to come in.
My target is the following support zone found at 1.6029 - 1.6038 two distinct Fibonacci retracements that will act as supports.
The entry is a sell limit placed at 1.6134, the RR ratio of the trade is equal to 2, the SL is set at 1.6180 price at which our bearish scenario would be considered not valid.