Seems like an orderly retracement
Since the Cable is relatively expensive to trade, and the stop-loss is wide, I am only using a half position here.
This has been an orderly retracement to the Kijun-sen and looks like it could be poised to breakout again. Future kumo is bullish and the 3/10 oscillator is below zero. Wait for a Tenkan-sen turn-up hopefully at the same time the 3/10 breaks above zero. The sour note here is the CMF(40) is bearish.
Entry: Look to be long @ 1.4530 with an initial target of 1.4770 and if that is breached with strength, expect target two to be around 1.4980. Initial stop-loss should be around 1.43744 giving us a 1.53 risk reward on the first half and 2.89 R/R if the second half materializes.
Take Profit: Evaluate on price action when and if price reaches target one, reduce or tighten stop losses @ 1.4770
This has been an orderly retracement to the Kijun-sen and looks like it could be poised to breakout again. Future kumo is bullish and the 3/10 oscillator is below zero. Wait for a Tenkan-sen turn-up hopefully at the same time the 3/10 breaks above zero. The sour note here is the CMF(40) is bearish.
Entry: Look to be long @ 1.4530 with an initial target of 1.4770 and if that is breached with strength, expect target two to be around 1.4980. Initial stop-loss should be around 1.43744 giving us a 1.53 risk reward on the first half and 2.89 R/R if the second half materializes.
Take Profit: Evaluate on price action when and if price reaches target one, reduce or tighten stop losses @ 1.4770
Trade active:
I should have posted the this update several days ago when the price climbed through the buy target. I am not actually in this, but am following through on an idea. Just food for thought so to speak.
Comment:
Moving stoploss to under the low of today's candle would be prudent here (1.4670) locking in the 142 pips we have thus far
Trade closed: stop reached:
walked away with some profit...