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.

Monday, 4 February 2013

GBPUSD:6.48pm

The daily My-Wave continues to come under pressure and looks like it is trying to turn now. The 2hr FLD is working as a great stop line and I'll move to B/E now and see how this rides overnight. Going to take consolidation somewhere to prove the My-Wave is reliable which could take the stop but rather remove all risk overnight.
Slightly different view of matters here using a weekly donchian channel of the rolling high and low prices and the daily, weekly and monthly trend FLD's. Price is running up the underside of the green daily FLD having bounced (and why I pounced!) off the channel low. The top of the green FLD is a good initial target with likely acceleration if it gets taken out, through the top of the Donchian too and off up to the weekly and monthly FLD's at 1.6000 ish.
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