A short term moving average touch setup. Price made a contact on the short term moving averages and then made a turn downwards. As a rule, such bearish setup can only be traded only if the price is below the 200MA and the daily pivot. Price was well below the 200MA and had also broken out of the daily pivot. Trade is entered at 16430 with the first profit target at the S1 level (16346). Second profit target is 16315 (100% Fibonacci level).
Tuesday, 8 December 2009
Day trading analysis - GBP/USD (08/12/2009)
A short term moving average touch setup. Price made a contact on the short term moving averages and then made a turn downwards. As a rule, such bearish setup can only be traded only if the price is below the 200MA and the daily pivot. Price was well below the 200MA and had also broken out of the daily pivot. Trade is entered at 16430 with the first profit target at the S1 level (16346). Second profit target is 16315 (100% Fibonacci level).
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment