Discussion in 'Forex Trading' started by PaulRon, Dec 17, 2008.
Yeah I've noticed. How did you draw the arc in Oanda? Paint?
Blow off top, from the looks of it.
Too far too fast = fading opportunity.
wish u could draw it in oanda - ya just put a spline in paint - been shorting this mother and getting burned id suggest waiting for confirmation of a pullback before entering
It'll eventually stop going up and throw a 1-2-3 reversal. (i.e. a lower high)
I shorted at 1.4684. Could be early. But agree too far too fast. Its up nearly 20% in dec.
If you look at the daily chart, you can see a major resistance level coming up at around 1.4866.
Next major bump on the daily is around 1.6000.
All you price-action hatahs, watch and learn.
It does look overdone. EURGBP is even more extreme.
I'm putting out the fade-trade now. Looking for a move back to 1.40, and probably lower.
IMO for this trade you need to be ready to take some heat if it goes 1 or 2 days more. I would say that puts look *very* appealing here.
And there we go.
I have some nice EUR/TRY shorts doing lovely.
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