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EUR/USD

Mon, Mar 16 2009, 10:47 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

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chart 8

The chart shows my working count which is unchanged for months. Currently there are conditions for a trend reversal after today’s break above the previous high 1.2991 so I entered long on break of the said high. If this is true, we should see an acceleration of the up-move in coming weeks and months with minimum target a re-test of the 1.4718 high. However I have to admit that my confidence is still low because the movement started from 1.2491 could be wave c of a bullish triangle. However I keep in mind that if the trend is already changed and the expected rise to 1.4718 has already started, there is a risk to miss this movement so I made a decision to enter long with relatively close stop loss.

Trading strategy: 10:50 EST; 14:50 GMT

Long position from 1.2995, stop loss - 1.2880, target - open



Archive

  • EUR/USD
    Published On Fri, Jul 10 2009, 08:23 GMT
  • EUR/GBP
    Published On Wed, Jul 8 2009, 12:29 GMT
  • EUR/USD
    Published On Fri, Jul 3 2009, 10:32 GMT
  • USD/JPY
    Published On Wed, Jul 1 2009, 07:55 GMT
  • GBP/USD
    Published On Thu, Jun 25 2009, 14:12 GMT
  • [ View All ]

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This analysis has only informational and educational purpose and does not represent a trade proposal.

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