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.

Thursday 22 November 2012

EURUSD 7.39am

With that pretty 5 waves last night, I have begun to fade this diagonal formation short. Whether it is a leading diagonal or the 4th wave down, I do not know or care that much at this stage. I am more interested in the 'D3' topping formation that is beginning to come into view today (dotted line marks the start area) and the 60min SMI cluster that suggests a retracement is the way to play this for now. This is supported by the 240min SMI cluster that shows the same diagonal formation and is overbought. If we get an 'abc' down, it will come in 3 parts obviously and hopefully look right in comparison to the time it took to complete the diagonal. I have my eye on the D3 bowl, the low of 1.2659 and that D4 to the right for an eventual breakout northbound. If we get a 5th wave down instead, I am hoping it will be pretty obvious. I'll fade any more northbound here short.
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