Another divergence trade on friday. This divergence is confirmed by price resistance at the 200% Fibonacci extension level. Trade is entered on the turn of the zigzag on repulse (at 1.6683) with first profit target at the day's R1 level (1.6636) and second profit target at day's pivot (1.6577). As seen most of the time, trade couldn't make it to the second target level. But with good trade management, a 53points first profit target is substantial enough to make a lot from this trade.
Monday, 16 November 2009
Day trading analysis - GBP/USD (13/11/2009)
Another divergence trade on friday. This divergence is confirmed by price resistance at the 200% Fibonacci extension level. Trade is entered on the turn of the zigzag on repulse (at 1.6683) with first profit target at the day's R1 level (1.6636) and second profit target at day's pivot (1.6577). As seen most of the time, trade couldn't make it to the second target level. But with good trade management, a 53points first profit target is substantial enough to make a lot from this trade.
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