EJ did make the anticipated break out of the consolidation. Made a nice 100+ pip move, then retraced after the rate announcement. The market may have thought the announcement would support the price, so stops were set below. Sometimes you can see retracements like this after news events, where the market makers and banks go "stop hunting." Then after another hundred pip move, profit taking kicked in to play. (Notice the long wick reaching up to 133.55)
- Post #1,082
- Quote
- May 7, 2009 5:21pm May 7, 2009 5:21pm
- | Joined Feb 2009 | Status: Member | 7 Posts
- Post #1,086
- Quote
- May 7, 2009 7:51pm May 7, 2009 7:51pm
- | Joined Feb 2009 | Status: Member | 7 Posts