Tuesday 3 August 2010

EurGbp cont


Modified green fork and RL resistance forcing price lower but look at the divergence in Macd as we have made a recent new low but the indicator shows a higher low. Here you could get long again as i have having taken profits on my earlier position at .8312 on EurGbp and 1.3230 on the €$ position. We are still in a strong up trend on the latter and we will wait to see what the US session bring s in the coming hours in the way of price action.377tick chart below. The only worry being the extremely sharp up sloping ML set that Euro$ must reach the CL...although modified i have found that if the original fork's CL is not reached price has a high probability of a collapse ( see earlier Metatrader chart with mauve fork)

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