Price reacted with a rally in the demand zone (as seen better on monthly chart) and price began forming a downward channel (as depicted). Inside bars form, and price finds resistance at what used to be recent support. With a bullish bias shown by price, I anticipated a breakout to the upside, out of the channel and into the resistance. Price broke out, and I took the trade based on 1 hour chart price signal.
My target is 1.26 because even though 1.25 is a psych resistance, I don't see it as significant enough compared to 1.26 (if you take a look at a monthly chart, you'll see what I mean). Anyway, will be watching and trailing as needed.
Comments
Mtr
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Followed.
Mtr
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Agreed.
The_Bees_Knees
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Followed.
The_Bees_Knees
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Agreed.
exploration
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My pivot idea is reading R1 at 1.2576 for 8/23/2012
exploration
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The EUR/USD has hit the R1 at 1.2576 Early morning hours New Yok Time +72 pips form my P line Pivot method 8/23/2012