14 December 2012

EUR/USD : Inverse SHS ?

  • Intended to look for place to go short EUR/USD. Changed my mind on closer examination of chart. Done the reverse instead.
  • Weekly : Downtrend line going back to 2Q11 broken. SHS bottom neckline (around 1.3060) being tested now. EUR/USD should be a "buy dip" instead of "sell rally" from now on.
  • Daily : 1.3171 is important. Buy the break.
  • Trade : Just gone long EUR/USD @ 1.3086. Will stop myself out if we fail to close above 1.3060 tonight NY cut. If we do close above, then we've got ourselves a good SHS NL break to play with.
  • As mentioned before, trendline breaks alone do not make good signals. Has to be in conjunction with some other technical reversal pattern for me to make a trade.
  • [New look for Saxotrader charts. Unfortunately, unable to turn off chart toolbar or make candles fatter yet. Have made request to them already.]

5 comments:

Taichiseal said...

Buy stop-in @ 1.3138 triggered. Increased long.

Taichiseal said...

Stop-in Buy Order triggered. +1.3171.

Taichiseal said...

Took partial profit. Sold @ 1.3279

Taichiseal said...

+1.3246

Taichiseal said...

Squared up totally near NY close of business. Price action = reversal. Op 1.3227 Hi 1.3307 Lo 1.3222 Cl 1.3225.

Dumped the balance of long at 1.3236.