EurUsd: in consolidation on 1h - pennant
Will be short. Until break out of the pennant I don't expect any real action. The head and shoulder formation was invalidated as we never reached the neckline on 1h chart. As the price broke the bolder blue trend line for the second time I prefer to sell, but as you may know the pennant after an uptrend usually means continuation.
Here's the chart (pennant within thin blue lines):
Best regards!
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Comment by Peter jcp on February 22, 2012 at 11:18am -
nice charts again Pipomatic
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Comment by No money on February 22, 2012 at 11:19am -
Nice one, thanks Pipo.
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Comment by Pipomatic on February 22, 2012 at 11:22am -
Tnx Peter. I forgot to type .. we have to be very careful .. choppy trading ;)
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Comment by naivetrader1 on February 22, 2012 at 11:33am -
as you may know the pennant after an uptrend usually means continuation: Considering that the Up trend was in the form of a rising wedge, would the Bearish probability be greater than the Bullish one?
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Comment by Pipomatic on February 22, 2012 at 1:12pm
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@naivetrader: yes, i'm more bearish at the moment then bullish. If you look at my previous post you can see some charts and analysis made on a daily chart.
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Comment by naivetrader1 on February 22, 2012 at 1:23pm
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Thanks Pipo
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