2-27-09
5:56a GMT – I continued to take 50 pip profits off of yesterday’s 1.2695 buy signal, continued from the previous day, and Friday will be more of the same. The support has held strong this past week. Technically more mixed signals are starting to develop with the RSI somewhere in the middle. We’ve had lower highs the past few days but support has prevented any lower lows. This has formed a triangle consolidation pattern on the chart (see yellow resistance line below). I will use a tighter stop on this next trade as any break from the consolidation pattern is likely to be a larger move.
Trading Idea: prefer longs in the 1.2695 area with tight stops. Targets at 1.2775 and 1.2850.
(click to enlarge)
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