Monday, August 11, 2008

Bringing Back The Good Shape (Bear Vs Bull)

Long rally and entering pitstop 2 times only result a long full candle at W1 TF and cause sloppy W1 wave so i guess he need to bringing back W1 wave in a good shape before he continue rallying down.
The 100% Fibo Expansion already reached, thouched the 50% Fibo Retracement this morning and also the trendline  so cable have enough reason to bounce back to 1.9500 area. But...he also have one full sticky W1 bear candle that indicate strong down trend and usually proceed with another bear candle.
This is so called BearVsBull.
Cable have some supports need to guard to realease the bull, they are in 1.9100-1.9000 area. The first one is 1.9050 and the strongest one is 1.9000. The last one is the key to unlock the bear padlock gate. If he break the 1.9000 support, he have big possibility to create another W1 bear candle.
The strategy is looking for some nice place to go long this week only if the supports are well guarded.

Thats all Folks. Wish you all have nice trades this week.

Happy Trending,


Forex Knight


This Week Bias

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