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amanpaulbhogal
Jul 29, 2015 10:11 PM

Long Pound-Kiwi Long

British Pound/New Zealand DollarFXCM

Description

With the following noted a long scenario appears to be in play:

- bullish reversal bar (near resemblance to bullish pin bar/low test bar)
- resistance becomes support (at ~2.3260 which stands out as a weekly level dating back to November 2009 )
- retest of 20 ema and close above
- trend line support (third touch)
- Rejection of 0.618 Fibonacci level and 50% retracement line, and close above
- Stochastic and RSI convergence

entry - above high of today's bar
stop loss - below low of today's bar
target - previous swing high or higher
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