Exotic Euro crosses

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Eur/Huf
Current price 253.56
This could be another exotic trap like the Eur/Czk, but using the Smoothed Stochastic I have noted divergence on the daily of the Eur/Huf and yesterday the %K crossed %D below 20 .
Historically over the last 2 years 252 level shows some support, RSI has just come up from being oversold
IChimoku indicators are only turning on the 2-3 hourly time frame so probably safer to wait for more confirmation , but the stop loss for a long with a target of 260 now would be clearly defined at just below 251.50. This might make the risk reward ratio acceptable.
Just a thought anyway - the daily trend hasnt turned yet. I'm probably pre-empting again.

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has now clearly crossed on the 4 hr and other indicators positive
http://img214.imageshack.us/img214/9714/eurhuf191220064hrdz9.jpg (http://imageshack.us)

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well I did pre-empt a bit on this one, price did fall for a while longer but is showing more signs of upwards behaviour now... tenkan has crossed over kijun from underneath on the daily now tho it was rejected from 258 level (the top of the cloud) last night.But some resistance around there is to be expected. looking for it to actually break thru the cloud as further confirmation

price 256 now, high of 258

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this has now actually passed through the cloud

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heard there was some news on the SEK coming out so took a little long on the Eur/Sek and yikes suddenly 250 pips presented themselves. hadnt even had time to place my stops. a bit scary really but the a/c bal is thankful.

PS looks like the Eur/Huf went max of 258 before falling back thru the cloud now 252.....

[roddy]

HEY that was well done Peat!

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heh yeh sure except there was a thousand pips to be had , they say you should always leave some for the next guy but thats ridiculous [:o)]
NB these are quite small pips.