This is the bottom H&S now, you can see the formation of the right-hand shoulder as a result of the RBA statement: {image} {image}
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A chart pattern is not a pattern until it is being played out. Yes, you are right on the trend line, however, it is also a sell zone for seller at .8540 levels. This is a place where sellers will load up their shorts. That is why I mentioned previously that this will be an interesting level to watch.
The true fact is market doesn't care, risk mgt is important.
I'm assuming you are suggesting buying around the 3rd arrow (circa 79.45) as a support, resistance line from monthly chart and 61.8 fib of July 2011 high and Oct 2008 low. Am I also correct that you are expecting it to take 6+ months to get there based on the channel / trend line you have on the chart?
{quote} I'm assuming you are suggesting buying around the 3rd arrow (circa 79.45) as a support, resistance line from monthly chart and 61.8 fib of July 2011 high and Oct 2008 low. Am I also correct that you are expecting it to take 6+ months to get there based on the channel / trend line you have on the chart?
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I am not expecting anything.
It might get there this month or the next.
The diagonal lines provide extra support.
To me this looks like a good entry, that is all i am saying.
{quote} A chart pattern is not a pattern until it is being played out. Yes, you are right on the trend line, however, it is also a sell zone for seller at .8540 levels. This is a place where sellers will load up their shorts. That is why I mentioned previously that this will be an interesting level to watch.
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Shorts at .8540 progressing well atm. Shifted to BE for protection just in case the market goes against me.
The true fact is market doesn't care, risk mgt is important.
I realize nobody can answer this and I'm just thinking out loud and wondered what others opinions are on this. With the RBA staying neutral last night and obviously having all the information available to them beforehand, do you think the GDP number will come in better than expected tonight and that is why they have stayed the course? I have been really focusing on central bank rhetoric the last few months and picking apart their statements....Im just curious what others thoughts are on this?
By no means would I dare say the trend is near over, but it seems to be getting a little support here. I might just close shop on this pair for the rest of the year.
