EUR GBP

I closed out my long on this yesterday at the 161.8% extension for a wave 3 target. Managed to short it back down to the wave 1 high where I've just gone long again. Here's the hourly chart:



dl.dropbox.com/u/20815047/EURGBPhourly16_11_12.gif

So far it's played out perfectly and if it continues to do so my target for this will be the .8076 resistance.

Well, I'm still long from my trendline as this was also horizontal support,the 50% retracement level and RSI uptrend support and it looks like it's breaking out of that short term downtrend:



dl.dropbox.com/u/20815047/EURGBPdaily12_11_12.gif

The hourly also looks OK with an RSI downtrend breakout possibly occurring after the bullish divergence at that daily support:



dl.dropbox.com/u/20815047/EURGBPhourly12_11_12.gif

Im short on this and my stops are above 0.8031.
This is due to the back test of that trend line break area





dyor
remo

It's got the right setup for it on the hourly:



dl.dropbox.com/u/20815047/EURGBPhourly08_11_12.gif

Test of bullish RSI divergence right at the trendline. Should be OK IMHO. Timw will tell....

Jackozy wrote: My limit order got hit so yes, I'm long on it. Am I confident? Erm...no. Stops are in place and if they get hit well, that's trading for you!

Ditto, looks like its struggling a bit and the DOW isn't helping things along! Got a tight stop at 0.7940 so don't stand to lose much.

My limit order got hit so yes, I'm long on it. Am I confident? Erm...no. Stops are in place and if they get hit well, that's trading for you!