Sunday, September 30, 2007

Cornflower Setup...A Revisit..


1- Plot 8, 12, 24, 72 EMA on a 1H timeframe.
2- Plot RSI set at 21.
3- 8,12, and 24 EMAs are all above or converge with the 72 EMA (Go long/buy), and RSI > 50.
4- 8,12, and 24 EMAs are all below or converge with the 72 EMA (Go short/sell), and RSI <50.
5- Entry point, be they support and resistance areas, fibonacci levels or pivot points.
6- Exit point, 8, 12 EMA cross down below the 24 EMA (in case of a buy), 8,12 EMA cross up the 24 EMA (in case of a short).

Monday's Pivot Points:
R3 = 165.36
R2 = 164.60
R1 = 164.19
PP = 163.43
S1 = 163.02
S2 = 162.26
S3 = 161.85

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