Double Top

Good morning,

Euro managed to creep past the reversal level yesterday only to find resistance from the previous high and performed a U turn. Too early to say if this is a double top just yet.

Previously we mentioned about entering a long only after the breakout and then applying the entry stop loss technique (ESL). Well as we have not had a breakout yet then the Euro could be setting itself up for such a situation or might be oscillating. If we are doing the latter then Stochastics will aid us here. If we break the low of the Doji then apply ESL there. Friday might provide a good indication.

Good trading set ups require patience and we are going to wait for a set up to provide a high probability trading opportunity.


Chart courtesy of Advanced GET. Data provided by eSignal.

Forex Analysts
Javid Shaik & Anne Chapman