After make two strong rebound in point A and point B in my chart , it is clearly seen EUR will keep moving up continuously toward 1.4363 as 2008 12 28 HIGH ( point E in my chart ). Trading range will be in : 1.4139 – 1.4363
In drawing Trend Line , I’m using point ( A ) as starting point where 1st reversal happened . Then grab the trend line hit the point ( B ) where 2nd reversal happened. We can see also this below Trend Line is touching the Middle Bollinger also.
In drawing upper Trend Line , I’m using point ( C ) as my starting point , considering a strong reversal happened in this position. Then grab the line until crossing point ( D ) where candle stick body crossed the Upper Bollinger.
In this point ( D ) level I put my Strong Support line : 1.4139 considering in this point ( D ) level , candle stick body crossed the Upper Bollinger.
To determine the target , I’m using level 1.4363 as 2008 12 28 HIGH ( point E in my chart ) as my target level , considering this level is crossing Upper Bollinger and crossing my below Trend Line in point ( F ) .
Happy Trading !!! July 27, 2009
Himawan Wardhana
founder of HIMAWAN FOREX
