the writer keeps on referring to NY close at 5pm EST being important. That's like one hour difference to the daily close on my MT4 and MT5 charts, so what's the big deal? price hardly moves in that one hour as the market is dead at that time of day.
GBPUSD Clears Wedge Resistance, Targets 1.2880
GBPUSD may have just cleared wedge resistance from the November high. We’ve been tracking this level since December 3rd. However, despite the volatility, market participants have been unable to break free on a daily closing basis. Until yesterday that is. GBPUSD first cleared trend line resistance at the 1 pm EST close. But as I’ve mentioned a few times recently, the daily time frame is critical here. As such, we were waiting for the New York close at 5 pm EST. Buyers managed to get the job done there as well. In fact, you can even see where GBPUSD tested former resistance as new support at 1.2770 a few hours before ... (full story)
- Posted: Dec 6, 2018 9:16pm
- Submitted by:Category: Technical AnalysisComments: 4 / Views: 1,777