Cable is in a mid term down trend and I am looking for short opportunities.
Chart below
On the daily chart cable has pulled back to the 50% Fibonacci level of the last move down.
Price has stalled at 1.5720 area and yesterday broken down through the averages to provide a short trade set up.
I have an order to open as detailed below.
Entry and chart below:
Entry: 1.5640
Stop: 1.5670
Target : 1.5490 (5% and previous swing low on the chart)
I will update again should I be triggered in to the position.
Have a good day
Regards
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