European Forex Pro Weekly 2010-03-31

H&S failure expample

Today there was an excelent possibility to trade on Hourly EUR/USD.
I've tried to catch this, but didn't receive fill at level.

There is an H&S failure example:
Confluence support just under neck line
Agreement at COP and oversold.
XOP target at 1.3517 is achieved already.
 

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cable

Hi Sive

I see you are long on cable. So gbp to strenghten and a UK election soon ?

Would welcome your analysis on this if you have time.

Thanks

Alan (UK)
 
Hi Alan,
Well, it's a bit long-term trade.
I just have looked at monthly chart and it seemed bullish to me.
So, I've decided to open long term position with very small lot.
To check this assumption.
The analysis is as follows:
1.The monthly trend is bullish - we have rising MACD and Selling Stochastic - the perfect situation to buy from this point of view.
2. Market almost has reached an XOP just below 0.618 major support. There is a probability that market can accomplish this move by downturn to XOP, but the move up tells me, that this should not happen.
3. W&R of 0.618 major support.
So, I choose the nearest COP target - let's see what happen next. :)
BTW, there are many stops just above previous high. If market will trigger them, we can drift couple figures more...
 

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  • GBP_USD1_M_06_04_10.PNG
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  • GBP_USD2_M_06_04_10.PNG
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