Wednesday, September 9, 2009

In this 15Min chart you see a dbl top that is against Res levels seen on the 4Hr chart from the weekly fib pivots.

For this day we see a rejection of the 38.2 PDMM projected from the high prior to the New York session. This fib is often hit after a day that has a trading range that is above the average trading range. The 38.2 was also in confluence with the daily pivot.

When a fib pivot is applied to the CLOD that is found at the 38.2 PDMM, price moves long up to the 50 PDMM projected from this CLOD. It is important that you continue to move the fib pivots forward to the days current highs or lows so that new targets are established as the market moves forward.

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