Thursday, 19 May 2011

EurUsd trade with inverted H&S plus so much more! + T-Bonds

See previous post re T bonds....price turned bang on the RL

EURUSD..A high percentage trade: nice inverted H& S pattern with the head bang on the LMLP of the green fork. Long on the poke bar at 1.4241 with a stop at 1.4231 Objective the RL just below 1.4300
Look at the divergence with the Maccy D in the 5 min and the Stoch/B-Line also show a bounce and B Line 'triangle'.
Now look at the behavior of price at the RL that slopes against price. You will possibly see a RT back to the confluence of the green CL and the RL which is a .382 Fib RT form the rise form the right shoulder to the recent high at just under the Pycho level of 1.4300. If you use the whole of the up move from the 1.4206 area then you have a .236 Fib RT but i prefer to measure Fibs where the move is pure and no RT has yet taken place hence the RH shoulder point. So second potential long at the confluence point if price holds above the green CL.

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