EUR/USD

Here's the chart:



dl.dropboxusercontent.com/u/20815047/EURUSDdaily09_07_13.gif

I'm short on this now from earlier in the day when the neckline broke. There's possibily quite a big downside target if the H&S plays out (see earlier chart).

Unfortunately, it didn't quite make my upside target at the backtest of the short term uptrend which was at 1.2919 today so I got stopped out at b/e on my long. Hopefully the short will do a bit better - the RSI seems to support that as a possibility.

I may look to add on a backtest of the neckline.

remo wrote: I'm long now with a 40 point stop from here.

This should be a free trade now
Thanks goes out to gclark for highlighting this last night

This is due a retrace, possibly to 1.3114 but, as I'm chicken, I just got out and took the profit.
Ultimately I have this descending to 1.2456 to complete the present cycle. DYOR

I'm long too but with a slightly tighter stop as don't think it's good for more than a brief bounce. I'd be happy if it tests the breakdown of the previous short term uptrend (not shown). The RSI is suggesting that this neckline of the big H&S is going to go IMHO:



dl.dropboxusercontent.com/u/20815047/EURUSDdaily08_07_13.gif

I'm long now with a 40 point stop from here.