EUR/GBP formed again a pipe top.

29. Sept. 2012

I find pipe tops a very reliable indicator on a bear trend. Here we see one formed on the channel breakout [ I have highlighted the ones that occurred previously ], that has made a pullback on the day, so I recon it is a good place to enter. The textbook target is market by the red line C, however I personally would have a stop loss [not trailing, as volatility in the FX is considerably high] and keep track of the currency's movement.