EURAUD

Honestly? I haven't put one in yet! I just bought the breakout then had to go out! Is there a gap up 2 candles ago?

Metastock is not showing a gap:

14/12 - High = 1.2461
17/12 - Low = 1.2461

good call mate.
i went long as well after reading your post
Its a free trade now for me

happy days

Jackozy/Remo,

Just wondering what you would put your stop loss at on this?

Below 1.2464 or 1.2546

Thanks

Sorry, CT, been in and out all day.

Stop below 1.2545 ought to do it as that was the previous high.

Hi all and a Happy and Prosperous New Year to you all too!

Quick update on this pair. Resistance at 1.281/2 came into play so was a good place to close longs from the downtrend breakout. Given the candle pattern at that level I chose to go short against the trend from there because it was also backed up by the 161.8% Fib resistance using Ai's reverse Fib theory (plotted on chart below). I'm looking to close this short just above the support at 1.2545. This should also be the place to go long as it's also near the old downtrend resistance so it could also be a backtest play. The shorter term uptrend is not too far away from there either. It's all shown here:



dl.dropbox.com/u/20815047/EURAUDdaily02_01_13.gif

It'll be interesting to see if it then rises to the 261.8% Fib per Ai's method.