2-20-09
5:27a GMT – Pair climbed up to 1.2745, my original resistance earlier in the week before taking a 200 pip tumble back down to 1.2580. Bulls were able to rally the pair today but were not able to break any significant resistance or sustain the rally for the entire day, so the mid-term signals are still bearish. If you caught the pair on the way down (as I always recommend) at yesterday’s signal level then you are 60+ pips in the profit right now.
Trading Idea: If you are looking to reset shorts look to sell rallies near resistance. Nearest resistance is 1.2645, 1.2700 and 1.2745. Selling a failure on any of those levels is a higher probability trade. Shorts favored back down to 1.2600 and 1.2555.
(click to enlarge)
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February 20, 2009 at 10:21 am
hi i m new in forex and trying to understand ur signals and comments about the pair but i will suggest u that if u will more clear ur comments like u can tell us wht v should buy or sell,wht should b entry point,wht should exit point,what should stop loss then it will better for us and v can understand easily
February 20, 2009 at 8:19 pm
i think u got it wrong this time around, ur strategy is a trend following one , but its difficult to recognise when trend is changing , anyway, i kind of feeled that Eu has bottomed out 2 days ago with the star pattarn on daily chart, today;s move has further confirmed it , for an intraday trader, such moves can easilly be captured with the moving averages