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.

Friday 19 July 2013

EURUSD - different EW count

Just looking at the pink 1hr momentum study in the sub-chart, matters looked overbought as discussed earlier. However, instead of a 'b' wave triangle, it might just be that we have a deeper 'c' wave pull back. Of note this morning is the poke out of the diagonal on the MFI study, even tough price has not really got going down hill yet. The 1min chart has provided a number of lower highs already and I have taken one and gone short, for minimal risk, in case we get something that sticks downhill for a bit. That 61.8% target would be a great Friday! We are approaching the lower 15min bolly band, and then the 60min median line, so we will know soon enough if we get a trending move or not.


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