Another good divergence trade. Price meets resistance at the 100% fibonacci level. Repulse-zigzag indicator is showing a strong divergence from price action. We enter trade at 1.6603 with first profit target at 16559. And second target at 1.6500. As it happens some of the time, price could hit the second target.
Tuesday, 10 November 2009
Day trading analysis - GBP/USD (06/11/2009)
Another good divergence trade. Price meets resistance at the 100% fibonacci level. Repulse-zigzag indicator is showing a strong divergence from price action. We enter trade at 1.6603 with first profit target at 16559. And second target at 1.6500. As it happens some of the time, price could hit the second target.
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