Trade Notebook
Date: Thursday, September 03, 2009
Currency Pair : EUR/USDOutlook: Bearish
Support: Resistance:
1.42, 1.40 1.4377, 14450Elliott Wave:
In Elliott wave terms we have just completed another 5 wave move up and on the daily chart we can see a truncation forming. Truncations in diagonal 5th waves are extreme and usualy result in a strong reversal.
Classic:
We are still rangebound between 1.42 and 1.4450. Support at 1.42 is under pressure but seems to be forming a base. Support held under pressure on 4200 yesterday. Wait for a move outside of the range for short term direction.
Indicators:
MACD above zero, still showing open meaning short term bullish potential. Price is above 20MA, which now serves as support.
Trading Update:
Short with stops at 1.44 as soon as price stabalizes from its impulse move up.
Disclaimer:
All rights reserved. Anything on this letter may be distributed, copied or otherwise used if a reference to is given and the author is given credit.
This newsletter gives trade setup information for use of the author. This is not trading advise and the author shall not be responsible for trading losses if the reader decides to trade upon the information herein.
Trading, especially currency trading , can and will cause huge losses.
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