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The Asian channel at the European opening worked like a charm

Posted on August 4, 2009 at 5:29 in Market comments by David Aranzabal

Pound: After 2 days making higher highs, the Asian channel worked like a charm. The support and resistance levels give us the opportunnity to scalp some pips following the clear patterns:

Price was rejected by the asian support and we had a opportunity to go long at the trendline break. The price went all the way up till the Asian resistance and yesterdays’ high. MACD divergence and double 00 was a clear indication to leave or at least take partial profit to manage your risk.

You can have a look to the chart:

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