Hey guys,
Now asking seniors to especially look at charts for me would be folly.
So here is my chart.
http://img178.imageshack.us/img178/2037/eurgbpchart.gif
The 200 SMA is right there around .8545 and also i see it capping the top around 0.8545
And also there is 200 EMA at 0.8488.
And 0.8500 is a good support level.
Price is forming a symmetrical triangle like formation on 4 hourly chart.
The daily bar at present is looking more like a small pinish bar.
But it should be more like a BUOB or BEOB before tomorrow inorder for anyone to take the setup as breakout.
The trendline's forming the triangle has been touched 3 times on one and 2 on the other,is it promising enough.
Now here is my question for Mike the bar on daily has not closed yet but looks pinish ,but i know is grade C bar does not have big nose,and is in traffic.
But as we have a 200 EMA right down there and the tip of the pin bar also,so can we play this bar as is if it closes as pinbar placing a stop below this bar or around the down cap at .8490.
Or is just play a break of this triangle to the down side,because this whole move looks like a big wedge or channel to some extent and there is 365 up there.
Regards
Taz
Now asking seniors to especially look at charts for me would be folly.
So here is my chart.
http://img178.imageshack.us/img178/2037/eurgbpchart.gif
The 200 SMA is right there around .8545 and also i see it capping the top around 0.8545
And also there is 200 EMA at 0.8488.
And 0.8500 is a good support level.
Price is forming a symmetrical triangle like formation on 4 hourly chart.
The daily bar at present is looking more like a small pinish bar.
But it should be more like a BUOB or BEOB before tomorrow inorder for anyone to take the setup as breakout.
The trendline's forming the triangle has been touched 3 times on one and 2 on the other,is it promising enough.
Now here is my question for Mike the bar on daily has not closed yet but looks pinish ,but i know is grade C bar does not have big nose,and is in traffic.
But as we have a 200 EMA right down there and the tip of the pin bar also,so can we play this bar as is if it closes as pinbar placing a stop below this bar or around the down cap at .8490.
Or is just play a break of this triangle to the down side,because this whole move looks like a big wedge or channel to some extent and there is 365 up there.
Regards
Taz