There you are B1, hourly chart. As you can see the profit line is very close to where EUR/USD has been trading recently. RSI is @ 84 at the moment on the hourly so maybe it is time to take profits. @ 20-30 pip stop and ~180 pip predetermined profit target with a 6:1
yes RSI is high. However, I am more inclined to let pullback occur and push fresh long signals based on the daily chart bias. Like I mentioned yesterday, the only hard part of trading is the sweating of the pullbacks. Now, if I see something that indicates potential for extended downside, I will reverse. I must be patient and let trades run. It is my nature.
Analysis that I made earlier on BP,EC and AD as having weakening weekly charts has proven to be wrong. In fact those weeklies are bumping up against resistance for the third or fourth time. If you are a pattern person, you might identify it as a volente ascending triangle. I am deferring to the daily charts which are bullish on these for now and will continue trading from the long side for now. As regards the JY weekly, it is showing signs of upside reversal strength, but the CD weekly is still weakening to me.
WOW. I should put these trades in the "One thing I like about position trading" thread. ie --a day trader only would never catch moves like these.
Still holding long the Euro FX from 1.28380 and the Yen futures from .8500 and .8515. I am also holding British Pound futures from 1.8994 however I did not post that one in real time and as such would not expect or ask to be believed on that one.
If the Euro FX market were to weaken at this point on the weekly chart, there would be an absolutely classic Bearish divergence set up. However, right now it's bullish all the way, so that is not entering my thinking other than to watch for it perhaps in the future.