liam4

good opportunity to long on $gbpusd

OANDA:GBPUSD   British Pound / U.S. Dollar
good opportunity to long on $gbpusd as it hits long term support, rsi also looks good for a bounce as on previous weekends it has a good bounce.
1, MACD doesn't indicate if the market is overbought/sold it indicates how strong the trend is.
2, i noticed the small double top that formed but i thought since the diagonal support had being going strong for quite a while it would hold. a small double top like that would not lead to that much of a drop by itself, however i was wrong and you can say that the double top lead this reversal. :)
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Is that a MACD on your chart. It looked overbought at the time of your prediction and there was a small double top forming in the channel.
It's easy for me to say now as the market went down, but the indicators at the time of your prediction were bearish.
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