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, 12 December 2012

EURUSD: 10.17am

Okay, a follow up on that earlier chart.
This chart uses a slightly different set of calculations to create the 'D' lines with a clear cross over point for the weekly My-Wave. See the pink arrow to the left under the last cross over. These are printed in advance of price action - see cross over to the right with red dotted line running down the page. Lots of 'ifs coming': if we are in a 'b' or '2' up here waiting for it to end, then the Pitchfork study provides a median line and grid set up with a target price of 1.2480 ,where the red dashed line cuts the dotted line. The distance traveled from the 1.3126 high to the 'cut' point of the 'D' lines provides a higher zone nearer the 162% extension if mirrored over the line (green thick line), so momentum will be the key on the way down; this being the magic ingredient thus far on the way up. So, if the 'D' lines get 'cut' watch out below, although first target is the D' lines of course.

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