Saturday, August 23, 2008

8-20 EUR/USD


This is the first post I will make on this blog. After several weeks of a relentless and mountable move by dollar bulls, it seems the market has found some stability. I observed several good set ups this week , but one stands in my mind as the best. On Wed. the EUR/USD formed the right shoulder of an inverted head and shoulders pattern. I missed my entry by 11 pips as it did not get to the gartley pattern entry I was looking for. The low was 1.4671 and I was waiting on an entry long at 1.4660. As you can see, it would have been a very nice trade. I did however take a counter trend trade at the end of the day getting filled short at 1.4907. Previous resistance became support along with a fib confluence of 62% and 79% ( not shown on chart)of different swings. That was a profitable trade