Beautiful Breakout – Pullback – Continuation Setup

Posted on 17. Jan, 2011 by Moderator in Forex Signals, How To, Random Noise, Uncategorized

Alright so we were a bit too fast pulling the trigger on a short on EUR/USD. However, after making the final spike up last Friday, we now broke the range (which also somewhat has the formation of a typical head and shoulders) to the downside and are slowly pulling back a bit here. We could be setting up really well for a possible short around 1.3325 on EUR/USD which would be a pullback all the way back to the break of the range. Now as always, you don’t want to jump in at the second you hit that level, but wait and see how the pair is reacting to that level. If there is any kind of momentum, we want that to fade, and get some kind of indications of potential downside. Keep your eyes on general dollar strength or weakness and take it from there. At a full pullback we are setting up, once again for a really favorable risk:reward setup. Let’s see what the rest of the day brings. Click the picture below.

Tags: EUR/USD, forex signal, Forex Signals, forex trading, Trading Forex

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Beautiful Breakout – Pullback – Continuation Setup

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