I'm expecting the price to go and test f'day lows before a switch and move down to 1.5830/1.5820 area. We also have a "M-formation" started on 23.10.12, confirmed on 05.11.12, price already tested the level of 1.6020 (base of the m-formation), got rejected and continued the move down. the "M" will be completed in the area of 1.5830/1.5820. My bias is strongly to the downside till we get that M-formation completed, so I'll be looking to short from 1 of the following 3 spots: 1) 1.5887 2) 1.5900 3)1.5916 with a TP1: 1.5830 & TP2: 1.5800. I won't tell you what stop loss to put on your trades, cause everyone has it's own view but try not to have more than 50:50 risk:reward
Comments
DonDimadjo
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If you followed this idea and been patiently waiting, you should have ended up in a profit few minutes ago as price reached the area of 1.5830/1.5820. took 2 days to complete the target but you have to be patient if you want to survive in this environment :-))
rdweinert
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At the 100SMA Right now, and may by supported by the 200SMA at 1.5846; seems to be in a falling wedge right now, don't surprised to see a pop if U.K. CPI is positive. Plus look at the 2HR indicators are starting to turn up. Maybe best to hold off a short for now until after data.
rdweinert
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At the 100SMA Right now, and may by supported by the 200SMA at 1.5846; seems to be in a falling wedge right now, don't surprised to see a pop if U.K. CPI is positive. Plus look at the 2HR indicators are starting to turn up. Maybe best to hold off a short for now until after data.
Jason_Dude
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Seems to have stalled for now but I think it will only take a little push. I agree with your levels