Replies to post #3800 on FOREX TRADERS

[grapes]

Awesome find despot. I was just looking at the channel I was trading getting smaller and voila....

[ElderWolf]

I don't think it's any coincidence that the euro stopped where it did. Here's a snapshot of a longer term weekly chart.

For those who are new to trading and/or technicals (I know you're a seasoned veteran Dr. Despot), we're waiting for a confirmation of this head and shoulders pattern. The way to play it is to wait for a break of the neckline (about 1.17 or so) and then play it down the distance of the shoulder as your first exit target.

At the very least...this longer term pattern will help us to determine some very strong resistance levels to the upside.

[ElderWolf]

By the way...I wasn't disagreeing at all with your medium term outlook. I'm looking long term with the weekly chart.