Well I didn’t expect to be writing such a swift follow-up to yesterdays mail regarding Head & Shoulder patterns on major indices!
May I suggest you read my preceding post if you’ve not already. You can find it here.
So you may remember that I had a target of 6350 for the Dax Head & Shoulder pattern. Well today that target was hit as price printed a low of 6345. Whilst I had no idea whether the pattern would play out I certainly wasn’t expecting it to play out and hit target so swiftly.
And here on the daily chart you can see the same pattern playing out.
So is the move over? Who knows! In this market at the moment anything could happen. You can’t help think old Silvio is going to make some other gaffe in a speech and send it all over the edge! He’s not seen this much manic action since one of his bunga-bunga parties. Allegedly.
I hope you’re enjoying the party.
Until next time, trade well!
Paul
August 4, 2011
FXTrader Paul, Trading, Trading Set-ups