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Continuation of dollar strength? Looking short the EUR/USD

January 7, 2010

I’ll try to keep it to charts. Click them to see them larger.

Weekly chart.

Daily chart.  Notice the bear flag here right at the 200 MA.  Let’s call it coincidence.

And a closer look at the bear flag, the inspiration for this post.

Two Hour Chart.

Hourly chart

15 minute chart – Sloppy head and shoulders pattern

And the short entry I just made.

Short at 1.439      Buy stop at 1.4403

It’d be nice if I don’t get whipsawed for a change.  🙂

(As of the last minutes before posting this, it’s looking good so far on the follow through.  But I’ll feel a lot better once it can get through the congestion from Wednesday in the 1.436 area.  I will expect a retest of the bottom of the little sloppy Head and Shoulders Pattern.) Target for the time being is 1.43.

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