EUR/USD intraday setup

I have a H1 chart for anyone seeking a intraday possibility to short.

Only enter sell position after a clear,strong rejection at the channel's resistance.

We can see that the price is currently testing the channel resistance and SMA200.

Overall , im bearish on the pair, but there is a possibiliy that the price can go as high as 1.3100s to form a Double Top (H4, Daily).

I have also added the H4 and the Daily charts, to better see the overall picture.

on H4 we see that we see that price advanced over the descending trendline, so it moving higher to form a Double Top around 1.3100s is not out of the question.Its inside a uptrend channel anyway, but it will meet the Daily descending channel resistance at around 1.3060.We will see what happens.

Daily

2 members like this

Comment by Peter jcp on October 2, 2012 at 12:27pm: I think there may be lots of larger sells under 2900 and 2870 . There could also be lots of stops from 2935 to 2970. We need to get the calculator out - to see which way could make us the most money for us if we had the powers to move it ;-)

Unfortunately my 4 lots today are not helping either side Alan ;-))

Comment by Alan Hill From Sarrafx Trading on October 2, 2012 at 12:30pm: hahaha. I know the feeling. I "feel" that the market is just a bit long right now though TBH