Potential Long opportunity in cable early next week. This is a trend continuation trade, price has recently come down to previous structure at around 1.29705 (Daily) and has come to touch the 0.618 Fibonacci Retracement taken from previous swing low to swing high. Looking at this level to be the next HL of the uptrend. Will be executing the trade on a smaller time frame to enable a better entry.
Stops for this trade will be placed below the 0.618 fib and the low and will be @ 1.29691.
First Target for this trade will be placed just below previous high and will be @ 1.30945, extended targets are to be set below the 1.32000 whole number @ 1.3193
Risk Reward for first target is 1.65:1
Risk Reward for extended target is 3.74:1
Stops for this trade will be placed below the 0.618 fib and the low and will be @ 1.29691.
First Target for this trade will be placed just below previous high and will be @ 1.30945, extended targets are to be set below the 1.32000 whole number @ 1.3193
Risk Reward for first target is 1.65:1
Risk Reward for extended target is 3.74:1
Comment:
Target 1 Hit