The setup is to short a re-test of the 4/15-5/15 line from below, which is also a former low (4/23 high). The stop is above the breakdown day and I’ll target half where the drop would consist of 2 equal legs from the top.
It didnt break the long term trend line which on this time frame should have been 1.6666. The fib levels suggest a return to a level of about 1.7050 in the coming week or so
dojitrader
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I'm curious about your retest short . . .
If you're looking to short a retest of the trend line break
why would you short now instead of waiting for the actual
break point which was about 1.6590 ?
This would lower the risk and allow for cable to test
the "big figure" as it so often does
thanks for your thoughts !!!!!