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, 9 January 2014

EURUSD:range bar studies




The 12 pip range bar study is still in a bearish formation, but the momentum cluster looks potent to the upside with price right under the green  FLD and MMA wave spine. The next move down, looks like a buy.
The 3 pip range bar study is currently in a bullish structure and above the FLD. The momentum cluster suggests some softening is due which may provide the opportunity to buy lower as hoped. What I would like to see is this wave make a clean bearish formation to the downside, near yesterday's low, so that the cross back over to the upside can be bought.




 In the bigger picture, the 36pip range bar study does show the MMA wave in a bearish stance, but the cross is premature and incomplete. Given the FLD peak above will act as a magnet to price action, and the nesting momentum cluster, following back to the upside may prove more than corrective! The diagonal looks clearer on this size chart and I'll be trying to buy the LTL if price gets there again.
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