Forex traders sharing ideas

Current Trading

Asian session traders may have put in a Double Bottom (see 60 min. chart), or just a pause zone before another leg down (see 240 min. chart). Since the long term trend is down, any trade but a quick scalp would be safest if in that direction....an opinion.

Attachments:

eu 60min #1 10-23-2008.bmp, 3.7 MB
eu 240min #1 10-23-2008.bmp, 3.7 MB

Replies to This Discussion

Permalink Reply by Mister H on October 23, 2008 at 7:40am

I see what you're looking at......I'm seeing a sideways consolidation within a nice downward channel. The pair hit a major fibonacci extension target, and is consolidating just above it while deciding what to do next. The trend is certainly still to the downside - that's obvious. The move lower was fast and furious however, and a bounce and/or retracement back higher cannot be ruled out. That said, I agree that long trades need to be very short term in nature and played close to the vest. Personally, I'll be waiting and watching to pick my spots to short from again......