The 4hr setup in chart 1 where price is being resisted at 61.8 fibonacci level. If this resistance level is successful, then I will go short at market open with my take profit at 1.3148, around 121.4 fib level, the 17th December low and 38.2 fib level on the daily chart

DAILY CHART SETUP

  1. The second plan is to buy the EUR again at the 38.2 fib level on the daily chart this is in the same neighborhood with the 3rd October 2011 low and also former resistance as shown on the chart, if this support is successful then I will have my Take profit at 1.3446 around 138.2 fib level and 24th feb 2012 high.

                                                                                 SAMURY.

                                                              Short with T.P @ 1.3148

                                                                          THEREAFRTER

                                                                           Long @1.3148

                                                                             T.P @ 1.3446

Views: 310

Comment by Tim on December 30, 2012 at 2:55pm

hi Peter

Thank you for your questions. looking at my chart now as attached, the M.As are actually painting a bearish picture and i could say that the resistance is holding and the target at 121.4 fib level is still valid and has further been confirmed by price being resisted at 78.6 fib level @1.3272. however, if reversal signs are seen when price pulls back around 3190, then one would go long.

secondly if price retests last week's low and reversal signs are seen then one would still go long. however, if price breaks last week's low, then we would adjust our T.P to around 1.3070 which is around 161.8 fib level and 200 M.A.

About the stop levels Peter, i believe that would depend on an individuals risk analysis.

 best regards

TIM

 

Comment by Tim on January 2, 2013 at 12:21pm

the first trade plan was executed and profit taken. 

The second trade plan has been triggered aswell. watch the space

Comment by Tim on January 2, 2013 at 12:23pm

i bought lower though just above the 1hr 21 EMA at 3246. 

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