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Wednesday, October 13, 2010

Let's say you'll do a crime for going short on $EURUSD

It's a rule now! If you short EURUSD then you are a criminal!
So we'are only looking for long entries.I like to say that the only way I'm going to short this pair is what you see in chart above.
We have got two trendlines there and the price is going to retest its broken long-term trendline now.
There is also a doji right there in H4 and also a shorter term trendline that I think it's now the longer term for this pair and you can see how the price bounced off this trendline on its way to the downhill.
There will be an impunity for those who want to wait for the price to move down after retesting the trendline and then waiting for the pair to break that shorter term trendline.So if this scenario gonna happen then you won't go to the "Currency Jail"
If the price goes beyond that broken trendline then we can say that sharp move to the down was a "False Breakout".
But for now any other shorts for this pair will blow up your account.

Have a nice time.

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