Tuesday, May 22, 2007

time travel between patterns

Apparently, the Swiss banks are buying their national currency and I am with them. Has it hit the bottom? Probably. And I am taking a chance. Along with usd/chf opened a new short eur/chf.

Today I wanted to share with you some comparison between 2 cross dollar pairs - aud and eur. The first as it is developing today and the second as it has been played recently. All charts are 4HR timeframes from Metatrader.


















So, on Chart 1 do you see the perfect round top which suggests a bearish mood? Probably. Do you see where the support is currently clinging to? Is it desperate for longs? We'll find out soon. But let's look at the very recent price action in aud/usd pair. Interesting, isn't it? You will be more suprised to find that the distance between the swing high and swing low (where the red bar is) is almost the same on both charts - around 200 pips.

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