A bullish continuation trade. This is confirmed by the price support seen around the fibonacci confluence levels (1.6548-1.6550). We entered trade on the turn of the repulse-zigzag indicator at 1.6582. We played cautious in this trade as we were slightly concerned about the strength of the uptrend after UK interest rate announcement pushed the price to new highs of 16637. Our risk-reward ratio was therefore 1:1 (30 points potential profit, 30 points potential loss). We took profit at 16612.
Thursday, 5 November 2009
Day trading analysis 2 - GBP/USD (05/11/2009)
A bullish continuation trade. This is confirmed by the price support seen around the fibonacci confluence levels (1.6548-1.6550). We entered trade on the turn of the repulse-zigzag indicator at 1.6582. We played cautious in this trade as we were slightly concerned about the strength of the uptrend after UK interest rate announcement pushed the price to new highs of 16637. Our risk-reward ratio was therefore 1:1 (30 points potential profit, 30 points potential loss). We took profit at 16612.
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