Cable - Short opportunity in the making...

FX:GBPUSD   British Pound / U.S. Dollar
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.
It's going to give a small push upwards, but I am expecting it to fall to first target 1.2300 levels. 5 min chart is showing a gartley pattern forming, so might get in short around point D
SaeedRehman SaeedRehman
@SaeedRehman, I'm short 1.2388, stop is above 1.2400
looks ,like a good trade. Supporting reasons, make a lot of sense.Nice trade
theselfishtrader SaeedRehman
@SaeedRehman, thanks.
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