After sometime off we are back. This trade happened on the 3rd of Dec 2009. Price broke out of the 100% Fibonacci level. We were actually expecting price to start experiencing resistance around the 123.6% Fibonacci extension level. However , the day's R1 level provided too much of a resistance for price. Price therefore reversed. Our repulse-zigzag indicator clearly showed a divergence from actual price movement. Trade is entered at 16702 with the first profit target at 16645 (200 EMA contact). Second profit target is pegged at 16577.
Monday, 7 December 2009
Day trading analysis - GBP/USD (03/12/2009)
After sometime off we are back. This trade happened on the 3rd of Dec 2009. Price broke out of the 100% Fibonacci level. We were actually expecting price to start experiencing resistance around the 123.6% Fibonacci extension level. However , the day's R1 level provided too much of a resistance for price. Price therefore reversed. Our repulse-zigzag indicator clearly showed a divergence from actual price movement. Trade is entered at 16702 with the first profit target at 16645 (200 EMA contact). Second profit target is pegged at 16577.
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