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.

Monday, 2 December 2013

EURUSD

It is Monday morning and price opened up to within a 100 pips of the Monthly R1 and weekly R3. The regression channel in the chart is from 1.3984 and the possible flat correction as counted has the 162% extension of 'a' at 1.3533. I have already banked some shorts into this zone, edging long again, having been taken flat by cover under the daily pivot. It is either a correction or it isn't, and if it is then somewhere around here would be a good place to look for a reversal. I have taken off all my phased limit orders above now, just in case something different to the gentle climb to the top is coming. If I am wrong and this is not a minor correction, then it won't matter anyway and I'll go flat again under the 162% extension, if it holds. 
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