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.

Thursday, 21 November 2013

EURUSD

Over the weekend, I had suggested that the 12 pip range bar study had not nested (momentum -sub chart) since the 1.3316 low and when it did, that would be a good place to reassess this overall move. The monthly S1 pivot has been broken to the downside but immediately recovered and now the weekly pivot is in sight. The FLD above (dashed line) was well formed over the course of the rise from 1.3294 and may provide overhead resistance. Given the 5 wave down formation, bears will be looking for a place to short. However, there has not been 2 peaks in the downward FLD (right of price) to form a valid trend line, so any early breach of the one above is going to cause some head scratching, especially if price thrusts up. We may or may not be in a new downtrend but for now, I am anticipating a new retracement high, albeit my short cover is back under yesterday's low - just in case!!

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