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.

Saturday, 2 February 2013

USDCAD: Weekend summary

Price appears to be retracing the prior leg up and is fast approaching the daily range low, Monthly trend line, it's FLD and the weekly range low. There is a good 60 pips across those, so again no rush to capture the turn before it actually happens.
The daily My-Wave is not looking under any pressure here and is still facing downhill with the 2hr FLD providing cover. Need to see My-Wave turn, then get retested to buy in, so plenty of work to be done here on top of the descent finishing off. Maybe have a look again around the 0.9940-0.9920 area to see what is happening but not in any rush to buy on this SMI cycle.
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