Eur Gbp, BREAKOUT

Posted on Thursday, April 8th, 2010 at 1:55 pm.

This currency has made a few fakes at going back against the trend. It has really had some pretty serious moves against the trend and has somehow continued onward. Currently we are about 4 hours from the new darma and pivot points on for the 9th of April. The one hour chart seems to have had a double bottom movement with two areas hitting the same s and r line. Now this still needs to complete the bounce movement for me before entering any larger positions, but I am really looking at this to retrace before the end of the week. We should see a large defiant candlestick breaking the new daily pivot and the 13 ma. I hope to have many trading opportunities all the way to the 1 hour gap. The area that I am looking to trade back to point wise is going to be between .8800 – .8850… I have entered one rubber glove trade hoping that this is the bottom of our movement, if it breaks outside of the current low of .8740 I will jump back out. One more thing, if it does breakout and go the opposing direction then we are expecting, don’t hesitate to sell this pair but I hope we will be able to take a lot more pips if it goes long!