Cable has been in a range over the past week or so.
Chart below
Following the FOMC announcement last night cable has broken out of the range and an opportunity to get short with good risk reward has presented itself.
There is resistance at the 1.60 level and divergence between price making higher highs and the Macd and stochastic making lower highs. Price has broken out of the channel and the averages have crossed to the down side.
I am aware that there is support below, however by the time that price reaches this area at 1.5825 I will have moved the stop to break even eliminating the risk from this position.
If we can get a good pull back to the averages and pivot points then my order will be as below.(Shown on the chart as the white box).
Chart and levels below.
Entry: 1.5950
Stop: 1.5995
Target: 1.5725
Regards
Scott
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