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.

Tuesday, 27 November 2012

EURUSD: 6.24am

Not very exciting this is it!? Price would appear to be building a larger ending diagonal, with D5 above at 1.3060 and D3 at 1.2765. These 'D' lines are the next two consecutive numbers from D4 which was our target last week which and was duly 'cut' back on the 23rd. I would expect price to either make it directly for D5 or pull back into D4's trough to test D3 (which is close to the 61.8% retracement of this whole leg up from 1.2659). In light of the placement of the price action and momentum indicators, I still feel a retracement is a must wait to go long again but continue to believe that a larger correction down from 1.3171 may play out. Not a lot to do here but sit this out for me, which is probably why it is grinding higher!
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