Sunday, 15 May 2011

EUR/GBP Analysis

Nice bearish pin bar candle again on the daily timeframe. Problem here is there a few support and resistance areas on either side which could make this choppy

However, the euro is still looking weak and im going for a SHORT order based on the below:

- Bearish pinbar candle
- With downward trend
- Previous resistance now support at 8817, 3/4 candles have bounced back off this area
- This area also marks a 38.2 retrace of the 5th May high
- 9 and 21 emas down and the bearish candle from Friday turned inbetween these moving averages

Looking for a 50% retrace of Fridays candle to go short

Entry on Order: 8750
STOP: 8804
LIMIT: 8642

Risk/Reward: 2/1

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2 comments:

  1. Tee Man16 May 2011 at 21:47

    Order triggered to go short. Looking good after bounce off 8ema on daily

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  2. Tee Man17 May 2011 at 21:35

    Broke lower this morning and got to within 40pips of my limit before rallying back

    As i was 68pips up at one stage which is more than the level of my stop, i moved stop to b/e. This has got taken out by a very bullish looking candle on daily

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