Thursday, 11 February 2010

Up or Down: the eternal question?

Ok, I know my trades so far have been gash, my current open short trade on Tony has shown little interest in doing anything, but I do believe Yippon will be ready to make a move tomorrow, which is now today. From the chart, you can see that it is forming a fairly distinct ascending triangle, which would favour a breakout to the upside. However, it appears to be losing momentum long; the current high appears to be a lower high and it is starting showing divergence on the NMACD. A break below the riser (rising support) is not unthinkable and would spark a sharp move down to the previous low (180 pips). A break above would target the sinker (falling resistance) line above (110pips) I am therefore interested in trading this pair on a 1hr break of this triangle.


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