This not the best set up hence why I am only seeking a 1:1 RR. Targeting a 2:1 or 3:1 is not quite realistic because of key levels. Had the candle been smaller last night this could have squeezed out a 2:1 or 1.5:1.
The target is set on price action not reward!
Price has bounced into the higher channel. I am anticipating a bounce lower after observing the spike. From the previous swing high to the swing low price is currently above the 61.8% retracement level which suggests a good place for a sell trade if you are bearish on cable.
Will be shorting this off the break of ...