Magpie Trader
Wednesday, August 31, 2005
Yesterdeay's trade, 2
30 and 15min - The 30 min is in an obvious down trend, 17 EMA hugging price. - Sell.
But, CCI has hit a major low previously in the Asian session and is rising. I'm starting to think there's a spike north coming as the zero line approaches. Support and resistance levels always seem to be tested to see if there's any interest in a counter trend move. Stops also tend ot be around those areas too, so with them being taken out there's usually a spike in the counter trend direction.
The 15 min blue dotted line shows the M2 pivot, which price has respected so far - buy. However the projeccted low for the day is 1.7849 at M1.
Ignore the red lines and the last 3 candles at the moment as it's still decision time.
It was at this point (about 7am UK BST) I was called away and put the stop sell at 1.7921.
// posted by Magpie @ 1:21 pm 
