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Second leg in Pound gives us 100 pips in one hour

Posted on August 3, 2009 at 5:29 in Market comments by David Aranzabal

After Friday’s breakout in cable (The pair broke 1 month high), this morning we got the second leg just at the London Opening. The price broke the Asian channel and went all the way up till the 150% fib extension of the previous rally. At that time the price even formed a divergence in MACD, so it was a clear indication to close the position or at least make partial profits.

Have a look at the charts:

2 Responses to “Second leg in Pound gives us 100 pips in one hour”

on 03 Aug 2009 at 10:18 am1Swana

I have also seen this false breakout at about 9 a.m. Madrid time.
But my target would be at the end on the NY session, at 4 p.m EST.
That is 3.618 or 2.618 from the first swing high in the night
session, after rollover, Point A. Point B is the low of this formation at 9 a.m.
Point C is the target.
on 11 Aug 2009 at 7:20 am2David Aranzabal

Hi swana,

Thanks for sharing with us.
Sometimes it’s good to be positioned from the european opening, as you can get the max / min of the day at the European Opening

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