Cable

The cable neckline that I put in the last post has not broken and the market has rallied to a 0.786 retracement of yesterdays move down.

The pattern is called a Gartley 222. It is bearish.

For this reason I wish to sell cable at 1.6213 This is where it is trading as i write. Place a protective stop at 6289. This is a risk of 73 points . Its very much against the flow and i am going to trade it also in 1/3 of my normal size. This is a risk of 24 full points . The initial target is the neckline at 1.6100 as shown in my last post.

This is the most speculative trade I have taken so far in this blog. I cannot see any other opportunity.

Good Trading.