12-31-08
6:26a GMT – Signals from the charts are starting to crystalize a little bit in a temporary range, probably as big money pulls out of trading until after the New Year’s. The range appears to be 1.3820-1.4260 and I am looking to buy support around 1.3820 with tight stops. For those of you who like the breakout trade a triangular consolidation pattern has appeared on the chart (yellow trend lines below) and a breakout of that consolidation pattern usually yields a quick 50 or so pips.
Trading Idea: Looking to buy support around 1.3820 for a return to the top of the range with targets at 1.4050 and 1.4300.
(click to enlarge)
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