Thursday, June 7, 2012


This pair has clearly reversed, with a nice H&S in H4. We look to short this pair and ride the trend all the way down.

In H1, we see price bouncing off a resistance level.

Still, that doesn't give us any indication of whether that level is a good resistance. We go back to the H4 chart to check if this was a good level.

It appears that the level of 1.27787 is a good resistance where we can take a short position down. Be careful of 1.2710 when taking a short position since we are selling into support. Look to shift position to at least breakeven when price hits 1.2710

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