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, 20 September 2013

EURJPY

Looking for 50-61.8% retracement of yesterday's move up. Given the break point was at 133.361, which is the 50% zone, this may be all we get. But the fibfans and Pivot Trend line are lower nearer 133, so I'll not be chasing the long side until the opening ranges provide a secure turn. I am in profit on my shorts below 134, so anything lower will be much appreciated.
The Asian and London Opening Ranges are in a tight zone and for now providing resistence. However, to get to the 50% retracement area or lower, price has got to make it through the Daily Pivot Range today, which is some 60 pips. This might provide an opportunity for range trading or price may zip through, but the 133.621 LTL of that range may be a tough nut initially. Possibly a place to bank the first touch.

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