There’s not a lot to say about the Euro that I haven’t already said last week or so. It’s in a raggedy type of correction, probably an Elliott Wave C wave. Until it gets above 1.3108 (the .618 retracement of the 1.3818 to 1.1876 down move and 1.618 the length of wave A, as well as a price target from an old bull flag, one can hardly make a case it’s in a sustainable uptrend.
The range last week was 1.2733 to 1.3028. Euro is currently offered at 1.2945, about the 75% point of that range. I plan on either shorting up around 1.30 or buying down near the bottom. This point here is no man’s land.
© Dianne Fecteau, 2010. 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.
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