European Forex Professional Weekly 2010-01-21

[Sentinel]

Is there two Wash & Rinse's in the hourly Gold chart? If yes, does this contribute : investors believing an uptrend with stops around 1078 ?

 

[Sentinel]

I just realized the answer myself. There should be SL's at 1074.50 with regard to 22.12.2009 lows. Market cleared these levels. Unfortunately the trend is bearish and I have no idea how I can make a use of these two signals.

 

[Sive Morten]

I just realized the answer myself. There should be SL's at 1074.50 with regard to 22.12.2009 lows. Market cleared these levels. Unfortunately the trend is bearish and I have no idea how I can make a use of these two signals.

Just have seen your post. Always forget to look into Archive pages...
Well, It very familiar with W&R, besides,1077 is a weekly fib support.

Usually, when you see daily for example W&R, the better way to enter is to use Minesweeper A or B technic. You should reduce timeframe for 1 hour may be 4 hours -and wait for retracement after W&R's pullback or Confluence (if you use B technic). Much better if you will see a signs of thrust during W&R.
Trend should change to bullish, of cause.

But in your example this is a hourly chart - and this pullbacks can be just because of OS conditions.
Good example of W&R - EUR/USD penetration of 1.4570 level (my stop grabber trade was just before this event). There was very tight penetration of the level.