Pairs is showing strength in their Trend., The Level 1.36 is the Magic level to make the pairs Re-test level of 1.38 which i see it will re tested once again next few days. Stop Loss will placed below the the Spike of the Candle(Plz.See chart).First target is 1.38. GL
Comments
YR
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*****‘Update*****,Target is achieved. 1.38 The pair succeed to Re-test this point once again,The question is. The pair will cross such important level or not?. As we have seen here,second time Pairs tested such level didn't reject as the pair did before when pair reach such level.Therefore,that increase the possibility of Pair to over and cross 1,38 shortly. Once that happened we can see easily level of 1.4 GL
Chartreader
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May be the good US data doing the trick
YR
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Hi Chartreader, We need some good news to push the upward,i'm not aware a lot of the news. It's important of course but as you know it's very good tools for scalper traders where i'm not cause have no time for that.Anyhow technically ,the Candle of yesterday 12-12-2013 was Red(Bear control),It is Okay after rally of good green candles(Bull controle) , It will be significant BUY signal if the Candle of today will be Green and Tall enough to cross over level 1.38. In general ,when Up trend occurs correction doesn't take long time before Pairs or Stock rebound on their up direction again. Be perfect if we have here 1 or 2 Red(Bear candle) as fast correction. Just we need Patient.
AncientM
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Hi YR
Hope you made nice profit. I am looking to sell the pair as sell setup is formed. What you guys think?
Chartreader
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Agree Ancient.
YR
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Hello Ancient
I have add this chart to explain some important points,
1- There is some confusion here,because we can thought the Pairs is formulated reverse Pattern and suppose such Pattern works as a signal for reverse but my opinion it is not , So here we can say pairs works in a confusion area for any technical analyst ,confusion to place long position or short .?!!! As we learn once you got such feeling,you have to wait and don't go long or Short once the view is not clear enough.OK(as we are here) this is first thing and very important.
2- In other side,i can see very positive view, You can see the Uptrend line (Red Line) and the Pairs has been rebounded when it touch it for a 3rd time,that's very positive cause it told me that , The trend line is confirmed to work as "Buy Line" and Strong Long Signal has been generated and LONG POSITION IS A MUST HERE.
3- As i have explain before level of 1.36 is playing as Key life for such pairs to go intact in their UP Trend,once the Pairs works above such level.This level works as very very strong support(Pairs reject from this level as you see on chart,Pairs -Re tested now and rebound).So LONG position here is A must. In general we always BUY near Support areas(As we are here now).
So in brief, my point of view, The Up trend still intact and I will place long Position NOW and place Stop loss down there at 1.3615( Black Line).Hopes that help AncientM,,,:)..****GL****
AncientM
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Thanks for your reply YR
Was very busy.
Just as an update, I think nice entry opportunity is there and your analysis should work.
Regards