The weekly chart below shows my Elliott Wave count. The high of 1.2722 on Friday could have been the end of the A wave since it bumped into resistance from the weekly downtrend line. If so, the next move would be down. However it's possible that A could extend further to 1.2765 or 1.3099 so watching price action on the shorter term charts is important.
Here's the weekly chart:
© 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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