Sunday, March 28, 2010

GBP/USD H4 and Daily Chart, Buy Now

My setup from my previous post didn't play right although the pair did made a lower low. Cable tested the 1.4781 support and reached as far as 1.4797. On daily chart, the candlestick make a reversal pattern (forgot what they call that pattern :P) and still forming a divergence in both 4-hour and daily chart. However, confirmation for uptrend in 4-hour time frame is above 1.5381. If you aggressive enough, you can buy now with stop loss below 1.4781, targeting 1.5381 first and 1.5581 (38.2% retracement of 1.6877 to 1.4781) after that. That is all. Have a nice weekend guys!

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