Saturday, May 22, 2010

Cable testing the top of consolidation range of 1.4230 to 1.4500

At Tokyo session, GBPUSD opened at 1.4392 with daily pivot at 1.4361, resistance 1 at 1.4489 and support 1 at 1.4263.

Fibo support and resistance level :

1. 4 1. 4 HrTF: 1.4386 (19.1%)

2. 2. Current : High- 1.4454 and Low-1.4328

- 1.4406(38.2%)

-1.4391(50%)

-1.4376(61.8%)

3. Previous Day: High-1.4457

-1.4371(38.2%)

-1.4344(50%)

First entry at point A with a buy on support of MA: 60 EMA(5 MTF) and 365 EMA(1 MTF), Opening price and 1.4391(50%).

Exit and reverse at point B with RSI and MACD divergence (5 MTF), resistance of previous day high and round number 1.4450.

Exit my second position at point C with support of 365 EMA (5 MTF), daily pivot and major support level of 1.43637 with divergence of MACD Histogram (5 MTF).


5 MTF

1 MTF

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