Looks like Euro has lost interest in going higher for now. Hourly trendline violated -- http://i30.tinypic.com/2iscmjn.gif
Hourly channel up is broken down. Now we expect either test from below and further selloff or return to it and break of hourly down channel (smaller) in the case of fakeout.
Heheh - You know what they say about brilliant minds thinking alike. Yeah, I wish... PS - That swoosh down has all the signs of a classic London fakeout. I keep staring at the daily chart and it keeps telling me we should see some up as previously noted in yesterday's post. We'll see...
Yeah, exactly! As for bigger swings I doubt we'll see the real direction today... It's more likely to be defined tomorrow after BoE rates announcement...
Hi guys, I'm back and was taking a look at that last trend line and your analysis. This runs well wide of how I treat trend lines so I thot I'd give a quick lesson on Classic and EMTL's and what you have assumed because the way I learned Classic T/L's you have violated the rules. Hope you don't mind me being blunt like this - if you find it of value use it and if not forget it... so here's my view. Using the chart you have posted you don't have a validated T/L. It must have a reaction at the 3rd point to take the trade. If not it's low quality and risky to trade. I added a channel line to the top (it isn't precise) abd if you had 2 points of contact on the top then the break of the lower T/L is valid. The bottom channel would have been a big BUY for me because of points 1 & 2 on your parallel line and now we have a match from the lowest wicks WITH STOCHASTICS IN THE ZONE. However, this is all based on what you posted. My T/L drawing is very different and I will post next to explain.