Magpie Trader
Wednesday, August 24, 2005
Wednesday 24/08/05 1st trade
Long cable 17929 at 10.15am London time. Stop and reverse 17899
Reasoning: had a correction from the recent high of 18170 7 days ago. Second daily 17EMA bounce in up trend. Price is at 4 hour support and 85EMA. Candlestick tweezer pattern at pivot and daily projected low with RSI divergence on the 15 min chart.
First target 17980 where half profit will be taken, then the rest moved to 17950 while we see what the technicals are saying. It's either the bottom of this correction and the bulls are back in charge, or the correction will continue to the 17850 area (38% fib), then onto 17750 (50% fib).
Reasoning: had a correction from the recent high of 18170 7 days ago. Second daily 17EMA bounce in up trend. Price is at 4 hour support and 85EMA. Candlestick tweezer pattern at pivot and daily projected low with RSI divergence on the 15 min chart.
First target 17980 where half profit will be taken, then the rest moved to 17950 while we see what the technicals are saying. It's either the bottom of this correction and the bulls are back in charge, or the correction will continue to the 17850 area (38% fib), then onto 17750 (50% fib).
// posted by Magpie @ 8:44 pm 
