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Food4Thought
May 14, 2013 1:02 PM

Harmonic Transition Long

Euro Fx/U.S. DollarFXCM

Description

The lows have held thus far despite the weak morning data. This pattern looks to be playing out following the previous harmonic reaching a potential reversal target at 1.2935. Should the lows from this morning hold then this pattern has a strong possibility to push towards the marked upside targets.
Comments
Food4Thought
Food4Thought
This pattern has failed definitively. This link shows the bigger picture harmonic unfolding, along with new downside targets. tradingview.com/v/KsLAOrCt/
Food4Thought
Transitioning into a double bottom play based on the slow price action, stop is super tight just below the recent low. As a precaution a binary hedge to protect the bottom should work well here in case of an abrupt drop.
Food4Thought
This pattern has technically been breached with XA failing to hold price action.
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