Directly from Vladimir Ribakov's Live Trading Room
Today we are looking for a possible buy opportunity. We have two possible scenarios. The scenario is Bullish, if we look the the H4 charts we can see that price is retesting the channel. What we want to see is price going lower to the support area around .8250 and create a Bullish continuing divergence here. If we get the divergence we will look to buy from this area and we will be aiming the channel again or the 20MA whichever comes first as our targets. The second scenario is Bearish and for this trade we look the the Daily charts and we want to see price break and close below the support area of .8250, retest and hold below and if we get that price action that will be considered our sell signal and we will be targeting the next support area around .8050.
EURGBP trade setup for March 15, 2012
EUR/GBP Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3