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Chart Talk 14-08-13 

Last Updated: August 14, 2013

By Rayner Teo

On EURGBP daily chart, we see previous resistance turned support at 0.8580 area. Furthermore price formed a pinbar with a long tailed wick signalling strong buying interest. I would prefer the pinbar to close bullish but nonetheless it’s a valid setup. Potential target would be  the 0.8750 area.

eg

The next chart is Silver. Below is a weekly chart of it and it shows that price has break above the downward trendline and the resistance level. Further more COT report shows strong bullish interest by the commercials which adds another confluence factor.

silver1

The last chart here shows my ideal entry and stops for the Silver trade.

silver2

  • Hi Rayner, the stop-loss in the third chart, it’s not according to rules “2ATR” I read lately in your book, right?

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