Trade Notebook
Date: Thursday, September 10, 2009
Currency Pair : EUR/USD
Outlook: Bearish
Support: Resistance:
1.45, 1.42 1.46
Elliott Wave:
We are in a wave III of 3 and price is trying to penetrate 1.4619 where a strong 61.8% fibonacci resistance can be found from 1.60 to 1.23. Looking for a correction wave 4. Wave 2 was rather sharp as a guideline wave 4 will be a complex correction. As a ruleprice cannot penetrate 1.44. in that case the price is invalid.
Classic:
MACD crossed high indicating a strong rally ended and looking for a correction, or bigger degree bull flag. We have a higher high indicating that the market wants to go up in the short term at least. Strong resistance at 4619.
Trading Update:
Awaiting the correctional move. Try to buy the dips with stops below 1.44.
Disclaimer:
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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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