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, 6 November 2012

EURUSD 7.42pm

Well, just like magic, price has made it to the Purple D1 line and is also where the T3 trend line sits. The 60min SMI is oversold at present but no immediate reaction downhill. If price falls away on the underside of the purple D1 without making it across, then I'll start shorting the lower highs when the My-wave turns down again. If price makes it across, then we will still see a retracement downhill in due course, but this is likely to be held in the purple trough and I'll be looking for the My-Wave to hold too and the SMI to bottom out, then looking for higher lows to buy.
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