Wednesday, August 1, 2012

1 Aug lower high following divergence

The last 2 weeks or so of the month was relatively choppy with 1 or 2 days good days in between.

EUR had a positive close yesterday but 1hr chart had lots of wicks. We stopped at high from 26 July, so we have a lop sided head and shoulders pattern when the strong move up on 27th was quickly pushed down. Will be looking to see if a clean engulfing negative close will follow through lower.

GU flow reverted back to lower high lower low on 1hr. The lower high after divergence appears to have worked successfully, struggled to get an entry though from 5 min lower high.

Not happy with all the wicks and lack of follow through, one thing we all know once the junk has cleared some form of trend will kick in.

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