"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Wednesday, March 10, 2010

10 Mar, Eur/Usd - Support and Resistance Level

Watching the price during the London session. Saw a little short opportunity that turns out pro-long position.

Session: London.
Duration: 1 hour 20 minutes.
Timeframe: 15M.
Technical: Top fibo line and day high.
Fundamental: Nil.
Strategy: Short when buyer momentum stops at day high, 50% fibonacci.

When price finally hit on the positive side, secure my profit on +2 s/l, and extended my t-p.

Price hovers towards next fibo line and i closes it when momentum dies off on 1.3600 double zeros level.

Luckily not too greedy this time, hours later, dollar bear across board. Otherwise i would be pulling my hair again.

+11 pips.


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