Thought I’d take another look at the EURUSD daily chart from an Elliott Wave (EW) perspective. Not much has changed from last week. The Euro has dropped slightly (currently 1.4857 as of 9:43AM EST). On the daily chart, we see what could be an ending diagonal. Dum-de-dum-dum, if it is but let’s remember that the pair is still in an overall uptrend and something definitive must happen before locking in on any conclusions. If it drops to the 1.46 area, it could be a good buy depending on what else is going on. It will never get back to 1.46, you say? Oh sure it will, darling. It’s the nature of the beast. Here’s the daily chart:
On the 3-hour chart, it has dropped out of a triangle and may be heading down to an uptrend line. The little square box is a sell order I have in place. Momentum in general has fallen off a bit. This needs to pick up again. It’s a “wait and see” on this pair. Here’s the 3-hour chart.
On the 3-hour chart, it has dropped out of a triangle and may be heading down to an uptrend line. The little square box is a sell order I have in place. Momentum in general has fallen off a bit. This needs to pick up again. It’s a “wait and see” on this pair. Here’s the 3-hour chart.
© Dianne Fecteau, 2009. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.
My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.
My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.
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