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EUR/USD Visual Trading Update By Moshe Shalom – Jan 15, 2010

Jan 17, 2010 Make Money Online

Technical Indicators Notes:

Yesterday we said “For a pair that is the main item in the Dollar index, this is really a lame price action. We guess that the end game will be a sharp upward move before the collapse to perform wave 5 down, but meanwhile, we are protecting the position by moving the SL to a breakeven level.”

The pair did not what we thought and our move of the SL to breakeven was a correct assumption about the relative weakness here. We do not search for longs anymore, only shorts. The idea is that the pair has now finished the 4 up (high of 1.4585) and has begun the move down to new lows. Our short is under the 61.8% correction down (4H) and the 20 SMA (Daily). Observe the 4H MACD becoming negative.

Chart Legend:
Simple Moving Average (20) – Green
Support & Resistance price areas: Brown
Trend lines and Channel Boundaries: Blue
Indicator trend lines and effects: Magenta

Signals:
Long: Above the wide Green line.
Short: Below the wide Red line.
Exit position: On crossing the wide Cyan line.

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