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Here's another trade on 60 minute British Pound chart - price accelerated
through the left pivot low at 14144 marked by horizontal red line from pivot
low - the thin horizontal red line across entire chart is the contract low.
One can reasonably expect that price may return to the 14144 area (affording
an opportunity to enter/add to short position) before continuing south to
one of the two indicated targets. Targets are measured as 62% and 100% of
the distance between the extreme high and the left pivot low. In this case,
with the gap open to the support area, I am holding my short position in the
expectation that any retracement will be modest and the r/r to the targets
is very favorable.
Earl
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