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: 7.31am

Stop held last night and price making in roads to the support levels. Firstly, the bigger picture location: bouncing for now off the My-Grid wall,calc'd off the 'A' wave down from all time high at 1.6037. Price has made it under T4 (the trendline I follow), under D1, remains under D1/4 and under the blue My-Grid lines up from 1.2659. As such, D5 is in its sights but as that is at the green My-Grid line down from the 1.3125 high yesterday, a break there should see acceleration down to D2, then maybe D3. There lies an obvious place for consolidation in between all three 'D' lines, where the storyboard going forward will be decided. In the short term, the Daily My-Wave is now fully formed to the downside, providing a useful visual of momentum. Back again at D5.
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