Monday, February 1, 2010
Looking at the EUR/USD
Currently I have been using Fibs, pivots, and support and resistance levels to predict price moves. Currently I am in a long position that I just entered off a 15 min doji candle at a 50% fib retrace from the New York rise. My target on this trade is the daily R1 which lines up within 2 pips of my target 1 at the 1.382% fib extension. We are currently trading above the central pivot point with a bullish bias. This trade is actually counter trend to the daily and weekly charts. Counter trend trades are tougher and choppier than trading with the overall trend. Nevertheless I feel we are in a retrace up to possibly the 1.402 level. I would like to thank Lara at Forexinfo.us for all the Elliot Wave videos she is posting on her site. I actually have signed up for her service to help me learn Elliot Wave theory. So far I have enjoyed her service. I am still being mentored during pre London and London sessions as I need it. I am also looking more closely at fundamentals and following the news a little closer these days. I hope my Euro trade plays out, Let's see.
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