Thursday 12 May 2011

Gold








long 2 @1485.35 stp 1481.75

Look at the first and second RL's from the turquoise fork. The RT is a perfect .618 Fib RT and supported by a RL underneath. An ideal entry? Perhaps..look at price action viz a viz candles in the 15 min TF and divergence in MACD (7-10-5) but i am trading specifically a Reaction line setup technique using confluences of RL/WLs and sometimes ML's to locate high prob turning or reversal points.

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