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in Daily Signal - 23 Aug, 2011
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#EURUSD Update
EURUSD Aug-23 1735 PM (1 hour)

EURUSD Aug-23 1735 PM (1 hour)

I didnt send out a signal today as I am busy setting the website up for the release of The Traders Edge. Quite a lot is going to change on the site, both the graphics and content are being rejigged / changed.

Anyway I thought I would just put a chart up as I just glanced at the it and saw one of the exact setups we use to trade here so I thought it would be a good idea to post it here with some explanations.

Obviously resistance is going to be at 1.45 area so we have a failure here to break it , the price action then took another stab at it and failed . We then got a shooting star candlestick pattern , which is an indication to take the short side, the shooting star and the double failure to break above worked out and the price dropped.