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EUR/USD daily

Mon, Jul 28 2008, 08:25 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

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chart 1

The chart shows my working count for the fall started from 1.6038. It is clear that I look at this movement as double corrective combination which ends with a triangle. This triangle could be already over so I started to build a long position because if my idea is correct, a movement for a new record high could start from here. A first signal for my idea will be above 1.5724 and a confirmation will be above 1.5752. A key support is 1.5626.

Trading strategy: 03:36 EST; 08:36 GMT

Long position from 1.5732, stop loss - 1.5625, target - open

Add again to the long position on break of 1.5727 (buy stop order at 1.5728), stop loss - 1.5680, target – open

Add again to the long position on break of 1.5755 (buy stop order at 1.5756), stop loss - 1.5680, target – open

Confidence level - high


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