61.8% fib Tag

Isn't it funny how Weeks have gone by and I've struggled to find anything worthy of posting, then all of the interesting set-ups arrive at once! So, just before signing off for the evening I just wanted to present this FTSE 4 hourly chart. It can be mentally challenging to enter trades like this when the press is plastered with bearish news, but the last couple of years should have conditioned us to ignore the news because we all know, no matter how bad the news

I promised to post up some analysis for Cable this weekend in view of a planned swing short, however, on closer inspection defining the entry will not be quite as clear cut as originally expected on a risk Vs reward basis. Following previous analysis where Cable was heading towards resistance in the 1.5980 zone we have seen a continuation of that rally which has now extended itself to  the 61.8% fib retrace as shown in the chart below.