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, 6 December 2012

EURUSD: 11.30am

Last night when I went short, the retracement from the assumed top to bottom was 45%. I had said that this was a little light but there was potential for a drop, so I took it. I am counting an 'abc' down to 1.3044 for the 'A' wave (which is what I drew the green My-grid off) and then up to the recent high at 1.3085 as the 'B' wave as an expanded flat. Of interest is that this thrust took the retracement up to 50% of the assumed 'A' wave. If we are now in 'C' down, we have a variety of targets, but the 127% ties up neatly with D3 at 1.2981 and the 162% with the blue grid line at 1.2953. I like this latter one because it is deeper and is just above that Gann line at 1.2941. If it is a 'C' wave, it should thrust and hopefully end in an ending diagonal.
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)