I opened a short trade in cable yesterday after the spike in price,in response to UK CBI Oct retail expectations.
Cable knee jerked on the data, and i had already made up my mind to try and fade. The reasoning behind my decision is best explained in the following two charts , I entered short at 1.3424 with no particular target in mind .I enter many scalp trades during the day poaching for smaller moves, and i was hoping to grab some quick pips in a day-trading style . After studying the chart, I’ve decided to hold on to the trade, take some profits on the way, and wait to see if this is another small correction within the recent up-trend, or a reversal .
The Daily chart could be giving clues,with a close encounter of the upper trend-line .
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