Swing trade

0 comments Tuesday, August 31, 2010
Price has made a pullback to test the broken trendline and was rejected by the fib 50% levelof the previous downswing. As long as the broken trendline holds, there is a possibility that price will continue downwards to 123.40 region.

Stop loss is placed at 138.00 in case the set up fails.

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will the lower trendline holds???

0 comments Sunday, August 22, 2010
The price has failed to close below the daily lower trendline and now has formed a variance of a bullish dragonfly doji - an indication that a temporary low might be forming.

As long as the lower trendline holds, the price might retrace to test the upper trendline in the 135-136 region.

Below is the daily chart as of weekend closing.

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Pullback trading

0 comments Thursday, August 19, 2010
Price has broken the upper trendline on the H1 chart and later pulled back to re-test the trendline. Now it looks like the broken trendline has become a resistance and the price should move upwards now.

I placed a buy position at the close of the H1 candle with stop loss placed slightly below the swing low. Let's see how it goes....

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