EURUSD – DAILY CHART SETUP

Morning All,

Please refer to the chart posted below for an update on EURUSD setup.

Notice how the Pair has formed a squeeze pattern on a DAily chart time frame. We are expecting a ‘breakout’ wither way. My signals are still pointing to a ‘bullish’ move – BUT we have to see the Breakout and close have to happen to the upside for this to be set in concrete. Either way – The next candlestick move would have to ‘close’ above or below the squeeze. Then we would work out our entry and stop loss, and trade accordingly.

Chart Setup on EURUSD 22nd June 2009 / Powered by Metastock

It would be best to have at a 4hr time-frame or hourly to look for any ‘indication’ that we are seeing a ‘bullish or bearish’ indicator to help us get a idea what the direction could be.

EURUSD Set-up continued

Hi Everyone,

The EURUSD trade I posted is running out of steam / momentum – if you are in this trade – I’d close out at Break Even.

Cheers,

TB

Aussie just went down, down, down…..

Hi Everyone,

For thise of you who follow me on twiiter – Icalled out some great trades today. I’ll be blogging two of them – because they are classics. I traded these in the morning as there was Non-farm payroll out in the US at 13.15 (GMT time), I wanted to make sure I was out of the trades before the data release.

I noticed that the AUDUSD kept testing the R1 level – but just didn’t seem to push through and on the third attempt it made an inverted hammer. Took my trade with an entry at 0.82434, placing my stop 21 pips away (just above the momentum high and the R1 level).

My target was the Pivot Point – that was 87.4 pips away.

Cheers,

TB