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.

Tuesday 29 October 2013

EURUSD


I have been here so many times over the years, it makes my eyes boil! Price action looks choppy and corrective but is making all the right noises for a continued drop as well. Following on from yesterday's posts then, price has now cut the weekly (red) FLD and is firmly under the daily pivot and yesterday's low.  Price is currently battling the trap door at 1.37614 as discussed and if taken out, should open up a trip to 1.36152 at the next Pyrapoint line I am interested in, as it sits at the 61.8% retracement of the breakout from 1.34717. However, the 4hr momentum study is oversold and the pattern does look like a diagonal. But I am not running way from my shorts as a sidewards correction from here could absorb the oversold conditions. I have moved my cover down to just above the daily pivot, as that zone has already been tested 3 times today, and a breach will probably mean my journey down hill is actually over.
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2 comments:

  1. Zink29 October 2013 at 10:43

    after FOMC we will see witch direction will take!

    ReplyDelete
    Replies
    1. Clive Nayler29 October 2013 at 11:52

      Thanks Zink.. so many announcements these days! Hope you are keeping well.

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