January 29, 2009 03:55

Forex Signal – EUR/USD Bearish Double Top Trade

By:

1-29-09

3:44a GMT – The EUR/USD failed for a second time to hold a sustained break 1.3300 resistance and has now formed a bearish double-top formation on the 4-hour charts, reinforcing my sell analysis. The pair also failed to challenge the more major resistance at 1.3385 and has long wicks on the upside – both bearish signals.

Trading Idea: looking for opportunities to sell at 1.3300 (or even slightly below if I get signal confirmation) for a run down to 1.3150 and 1.3025. If resistance is not reached I would consider selling a sustained break of 1.3100 with targets at 1.3025 and 1.2950.

(click to enlarge)

Click here to receive my free forex signals via email
Click here for more info on how to use my free forex signals
Click here to learn how much you can earn with our Forex Income Calculator
Discuss this signal with me and fellow traders at the new Forex Discussion Groups

Leave A Comment
XHTML: feel free to use any of these tags.

LEGAL DISCLAIMER AND RISK WARNING

Foreign currency exchange trading is highly speculative and is suitable only for those who (a) understand and are willing to assume the risks involved, and (b) are financially able to assume significant economic losses. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Trading on margin can amplify both gains and losses in your account. Before deciding to trade foreign currencies, you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with foreign currency exchange trading and seek advice from an independent financial advisor if you have any doubts.

All contents or information displayed or contained on Piphut.com are based on a number of assumptions which may not be fully disclosed or explained. Hypothetical trading or performance has many inherent limitations, including the benefit of hindsight and the fact hypothetical trading or performance involves no economic risk. Variables such as the ability to adhere to a particular trading program despite trading losses and maintaining adequate liquidity are material considerations that can adversely affect actual trading results. No representation or warranty is being made or given that any account will or is likely to achieve profits or losses similar to those displayed on Piphut.com. There are frequently substantial differences between hypothetical performance and the actual performance subsequently achieved by a trading program. You must exercise independent judgment when making investment or trading decisions. Past performance is not indicative of future results. Please read the User Agreement and Risk Disclosure Statement for more information.