Tuesday, July 29, 2008


Traders love patterns. We trade chart patterns,oscillator patterns,historical patterns-you name the pattern, chances are there is some one trading it.Much of trading boils down to pattern recognition and the ability to to quickly identify and act upon possible pattern as they occur .Processing market patterns in the midst of our own emotional patterns our tendencies toward impulsivity, hesitation,frustration and regret is one of the greatest challenges of active trading.

EURUSD This currency pair is still timid in moving up.Eventhough it broke HP 5753 of 25th and touched 5767 .The price moved down and closed on 5743 below 20 SMA resistance on 5775.If it breaks today the price target is 5949.The inherent buying strength continues. Buy a break above 5775 or stand aside.

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