Friday 12 August 2011

EurUsd cont


Off we go! the secret as to why i took this trade can be seen in the 5 min chart( prev post). This is in effect a retouch of the reaction line that passes from top left to bottom right. I have no doubt price will go lower but i am risking 10 to make 30-40pts. Remember its Friday afternoon and ask yourself what happens on Fridays? I am looking to see the right hand shoulder built on this formation...it could be a continuation pattern and rally above 1.4250 but i guess price will fail to reach the new centre line ( not shown).Stp to b/e @ 17.13 local time

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