- Thus far, I have only stated my bearish stance in cable without explicit downside objectives. Time to put that right.
- Monthly : 4 year triangle downside break at 1.5610. Expected magnitude of move is 1.7040-1.3810 = 3230 pips = 1.2380.
- Weekly : Rectangle consolidation range broken at 1.5230. Expected magnitude of move is 1.6310-1.5230 = 1080 pips = 1.4150.
- This is why I am willing to sit through a 250 pip adverse move against me (on max risk) this past month. The risk/reward makes sense.
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