on our 240 chart still holding up. This looks like a flush out to chase out weak longs.
but now this is getting really interesting as you still stick to your long call. based on the picture i see, i would never add more longs, rather i would close out all longs and wait and see whether we'll get a genuine H&S formation and re-assess then. i get the feeling this is going to turn into an epic trade as either EJ will plunge down, or just shoot up beyond 136 all the way to 137. my studies on H4 certainly haven't turned bearish yet, so for now if we ignore candle patterns, the direction would still be up. i can't wait to see how this will resolve.
cheers and thanks for giving me food for thought. :D
The H&S is very visable, especially on your chart. I have been bullish since the middle of this March. The CCI is my main driver of direction, and yes, there are a few other charts here and there built over the last 3 years that are quite helpful ; )
Thanks for the great feedback and awesome respect. It's great to be with a group of traders who love what we do.
This is visable on our 240 chart, and on our 60 minute chart (condensed).
Hope this helps.
we only have German GDP at 2 am EST and that's about it in terms of news moving headlines for the euro (not counting the Greek tragedy, of course). and if, as many market watchers are correct re further USD strength, that will drag the euro back down and if no convincing statement from BOJ re further monetary easing, then JPY might strengthen as well, except against USD. but we'll see. ;)