Since yesterday morning, the pair is hovering just back inside the daily channel and just below the recent high of .8526.
It's possible to trace out a fourth wave triangle on the three-hour chart and if this true then one could expect a price target for wave five of at least .8347. Certainly a break of Nov. 11th low at .8450 would lend support to this argument. .8450 is where it has tried to hammer a base as well as being the .618 retracement of 8143/8941 and a price support. I'm short from .8511 (I was taken out of my first one at breakeven and went back in).
Eventually the pairs will start to move.
© 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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