Cradle Resistance and Support

Chat conversation about Cradle resistance on eur/usd on 8/2/2011 (edited)

Charts to demonstrate this chat:
http://pup-trader.com/chart-patterns/cradle/cradle.html

pup says: eur/usd dropped below an id support line and rose to kiss it, or so it appears to me, also rose into a cradle, touching downtrend from 3:44

pup says: had to ignore that morning dip in order to draw that support line, but had lots of touches with one violation

Host TAfool says: re: dips....You know I ignore seemingly out of place moves....got no problem cutting them off the chart

pup says: looked like price had risen to double resistance, good place for short

pup says: with tight stop

pup says: not much change, but price is squished up in the cradle

pup says: it's already not looking good though

pup says: eur/usd price has moved past the cradle, still honoring the resistance line though

pup says: that eur/usd resistance held for a downturn but it would've shaken me out first

pup says: peeked way up above the resistance at 1.41900

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