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Thread: Fibonacci Trading

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#98 (permalink)

02-17-2008, 09:24 PM

Gregory McLeod Gregory McLeod is offline

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Join Date: Sep 2007

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Quote:

Originally Posted by tradermoe

here is a daily chart and hourly chart of gbp/usd. it is in a symmetrical triangle on daily chart and if it breaks upward can turn into a double bottom but if it breaks down then continuation pattern.

if you look on hourly chart you will see we are near resistance of triangle and horizontal line. rsi is showing divergence, so at least for now i believe it will move downward to 1.9525 at least.
moe

The Daily trend is down so a further decline would be in order.

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