Fine wine, a beautiful view of the ocean, sunny skies.......all of them are beautiful, but not quite as beautiful as a hammer
off support. The only way this could be better is if price was above the 50 SMA
, but at this point, the trend looks strong enough and the hammer
is favorably positioned. I'm long at support at 86.30, where the hammer
bounced off, with my stop at 85.45 and my target profit at 89.65 (where a double top
has clearly formed). I'm risking 85 pips to gain 335, which gives me a reward/risk of 3.94.