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 21 February 2013

EURUSD: 11.15am

Price is now at the regression channel perimeter. I had assumed an 'b' wave up and then 'c' down to here, in the weekend summary, but the persistent fall of GBPUSD has me wary of closing shorts too soon. This could of course be nested 1-2's and I am using the 2hr displaced MA for entry and exits (orange line) around pyrapoint calcs (green lines) and for now momentum of price action and the 2hr cycle are just plain down. If price cuts the 2hr DMA, it will create a trough - this trough will then get tested. A break up out of that trough gives you an higher low for an aggressive entry long(as the trend is down for now) but more importantly a relatively tight and mechanical exit strategy.
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