Monday, April 19, 2010

Monday Morning Euro Update

From my post on Friday...
"If we are in a triangle, wave D will probably end along the white line, and probably someone in the neighborhood of 1.34, before a 3 wave bounce in a wave E."

And here's Friday's chart with trendlines...
http://1.bp.blogspot.com/_vNDew_XDk2I/S8isqO5G_7I/AAAAAAAAAJc/LpP5Fo0qWgQ/s1600/EUR45.png

The only addition I have made to this mornings chart is a new potential green channel, which at the moment, looks like it may be simply a slope change of the yellow on the way down to touch the white. The alternate is that it may be the beginning of wave "e" of a larger 4th or B wave triangle (see my post last week for details on this count). If we break through the upper green, this is how I will be viewing the action. Wave "e" could move into the 1.3550 area, which I would see as an opportunity on the short side as long as it is in 3 waves.


Adherance to trends why I love trading the spot forex market, and even more, the EUR/USD.









1 comment:

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