Disclaimer

Disclaimer: This blog should be read as a 'whiteboard' of my daily thoughts and ramblings and specifically not, in any way, advice to trade. My interpretation of the works of Gann, Goodman, Fibonacci, Elliott, Hurst et al; is entirely my own and should be read as such. Any opinions, news, research, analyses, prices, or other information contained in this report are provided as general market commentary, and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Wednesday 7 November 2012

EURUSD: 12.53pm

Been a good run this for me. These 'lines in the sky' are extraordinary in my opinion but it is only since I stopped trying to be led by the potential Elliot Wave counts that life as a currency trader has got easier somewhat. In simple terms, I am trading the picture as it is being drawn, not trying too hard to figure out what the picture is finally going to be. We hit the 38.2% retracement line of the 1.2041 to 1.3171 as anticipated and in doing so D1 has been penetrated, discussed earlier. there is a lot of room in the MACD's to keep going down and the My-Wave has not even turned down yet. I have closed all trades at this juncture and will wait now to see what happens. The market has to make a decision on what count it wants to go for and I can only follow. Breaching that D1 trough needs clarifying, so I am looking for a consolidation pattern to catch my breath.
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