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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, 13 September 2013
EURJPY
Well, somewhat steeper I had hoped. That has just pipped the prior low but me thinks that is an expanded flat and back up we go - sea sick city. We shall see.
Whats confusing about this move is the negative correlation we are seeing with stocks. They are rallying, either they will come off hard or EUR/JPY should trade higher. As always I am looking to get the hedges off and run short, was 25% short but hedged at 131.70 so am flat now. My question is that given we have seen the price back in the triangle twice now does that invalidate it?
I am staying long as only a few pips away from entry - just bouncing around a lot as far as I am concerned. Still think it looks best as a 'b' leg down here in expanded flat but then bit lot as to how that fits in the scheme of things. probably counts better as 'c' down but looks weird or 5 waves down for new trend (for now). I think I'll avoid anymore contemplating for now and see how things pan out (cop out!!). I'll bank any profit if it comes my way and come back fresh Monday. Thanks for talking to me - much appreciated.
Whats confusing about this move is the negative correlation we are seeing with stocks. They are rallying, either they will come off hard or EUR/JPY should trade higher. As always I am looking to get the hedges off and run short, was 25% short but hedged at 131.70 so am flat now. My question is that given we have seen the price back in the triangle twice now does that invalidate it?
ReplyDeleteI am staying long as only a few pips away from entry - just bouncing around a lot as far as I am concerned. Still think it looks best as a 'b' leg down here in expanded flat but then bit lot as to how that fits in the scheme of things. probably counts better as 'c' down but looks weird or 5 waves down for new trend (for now). I think I'll avoid anymore contemplating for now and see how things pan out (cop out!!). I'll bank any profit if it comes my way and come back fresh Monday. Thanks for talking to me - much appreciated.
ReplyDeleteAppreciate the blog!
ReplyDelete