5-22-08
18:53 GMT – Flagpole trade entry orders placed below current pair consolidation. Pair has nice flag consolidation pattern after 60 pip drop and is near large round # at .9550. Negatives include strong resistance at .95 and oversold hourlies (but dailies are overbought).
Sell – .9538
S – .958 (20 pips)
L1 – .9518 (20 pips, move second stop to BE)
L2 – .94750 (67 pips)
UPDATE – Trade parameters adjusted above.
UPDATE – 20:52 GMT – This trade has been put on hold until Tokyo market comes online to avoid a false breakout in thin markets. Entry price not yet hit.
UPDATE – Trade Cancelled on a break to the upside. Good no trade.
Result: 0 pips
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