May 21, 2008 23:45

Free Forex Signal – EUR/USD – Flagpole Breakout

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5-21-08

23:46p GMT – Placing two entry orders above current consolidation just below large round # at 1.5800. Current price action is around 1.5786. Treating the four candlestick, 50 pip rise from 1.5750 as a flagpole and placing entry 5 pips above flagpole and large round # at 1.5805. Stop and first exit are relatively tight as RSI is pretty overbought at this point but fundamentals back more EUR gains. In the direction of the trend and have a nice down curl consolidation below 1.58 as bears try and fight back but I think bulls will win this one.

Buy – 1.5805
S – 1.5780 (25p)
L1 – 1.5830 (25p, move second stop to break even)
L2 – 1.5870 (65 pips, at the bottom of former support levels)

UPDATE – 3:57a GMT – Signal cancelled, again. Break to the downside negates signal. We will look to buy dips.

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