EUR/USD

I'm stopped out of this now. Bit surprised to be honest. Ho hum...moving on!

Been a while since I looked at currencies but some look to be getting close to important levels. I'm short on this pair as it's at a clear resistance of 1.3486:



dl.dropbox.com/u/20815047/EURUSDdaily28_01_13.gif

I've got a 35 pip stop on this trade.

Hi Jackozy, didnt see your question earlier, this is the 4 hour chart.

dl.dropbox.com/u/43650856/EUR%20USD%204%...%20-%204th%20Jan.htm

I had been watching the 61.8% fib for a trade and when that didnt hold I
noticed the 76.4% fib, the 1.3000 and trend line were fairly close so giving
definitive area for a speculative trade. Or at least I thought so..

If you check the hourly chart it looks like its in a wave iv correction and ultimately headed for 1.2910ish before heading north again, but it's a bit of a box of frogs just now...

Jackozy wrote: I'm long on this from the test of the last breakout point. As Diver pointed out, it needs to make a new high for a complete 5 wave series up before a more severe correction:

dl.dropbox.com/u/20815047/EURUSDdaily24_12_12.gif

From what I have read and what other analysts say, there is always the possibility of a failed wave, so I don't think the above statement is the definitive answer. Obviously if a swing high gets taken out then we can expect a termination in wave 5 but i see a lot of failures in other peeps counts.

Plus it could be a weekly ABC, we wont know until the next couple of waves.

My daily trade set up today is to the short side. But I am aware of the prevailing bullish trend line that we're approaching. Trend lines get broken so I will keep my Profit Target quite small.

Hi Broad-rock. Why there exactly?