Heres what I saw this morning on cable.....off the 60 min chart there was the big fall to 1.9574 into Dec 24 then a weak bounce back up to 2.100 - around the 38% retrace. The fibs off this gave extensions of 1.9620 and 1.9540. The latest action on this chart was the bounce from 9650 to 9829 and I carried these levels down to my 15 min chart.
Fibbing the drop into the Asian session low of 9705 I saw that the bounce was weak, failing at 9761 - I then used this range on my 5 min chart, giving a first downside targets of 9684 - I went short just after the FO.
Drilling down to a 1 min chart, there was a swift fall of 56 pips to.....9684!, where price stalled and I exited - more than 50% of cables daily range in 30 mins makes me book some profit! The bounce got up to the 62% retrace with with a lower high to confirm another short just after the LO - the Brits sold it too for a great run down with the higher level target off the 60 min chart getting hit.
Fibbing the drop into the Asian session low of 9705 I saw that the bounce was weak, failing at 9761 - I then used this range on my 5 min chart, giving a first downside targets of 9684 - I went short just after the FO.
Drilling down to a 1 min chart, there was a swift fall of 56 pips to.....9684!, where price stalled and I exited - more than 50% of cables daily range in 30 mins makes me book some profit! The bounce got up to the 62% retrace with with a lower high to confirm another short just after the LO - the Brits sold it too for a great run down with the higher level target off the 60 min chart getting hit.
Trading Levels with WRBs