Filtered Short 060809
This is a more typical setup for me on turns. 3rd peak (channel), and looking to short a low TF rally following the divergence on higher TF. This trade met our 1st target, but was stopped at BE on balance. 2nd Target was 50SMA.
Here is a long I took on the euro tonight. it was placed off the divergence on the RSI and the minor trend line break. My target 1.3900, final the red line. The 50sma is trending down and might end up making a nice rubber band setup, just have to see how PA develops.
Price hit my final target, without making a lower low after breaking the 50 day moving average so it was off to the races.