Cable went toppish at London Close yesterday and it drifted downward to support level at 1.4910 and the 365 EMA. (refer to the 15 MTF Chart below). It rebounded to 1.4960 on Tokyo open before drifting down to 1.4880.
Cable again had a smaller correction before finding support of 50% retracement of previous day high and low at around Tokyo lunch time. The weekly Pivot of 1.4970 also provided support. At this level , I took the opportunity to initiate my trade for the day because it is about 30 minutes before Frankfurt open.
I refer my trade on the 5 MTF chart (see the % MTF chart below) and the entry on 1 MTF chart.
My first entry was at A for a buy position. Exited half of my position at B with 30 pips profit. Make another entry for buy at C and exited my overall position at D (Asian session high).
