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Timeframe Breakdowns
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GBPUSD / AUDUSD / EURGBP / USDCAD
Thu, Nov 26 2009, 09:27 GMT
by Ian Coleman
GBPUSD
I see an ABC formation on GBPUSD. We have a previous support line at 16330 that has held 5 times so far (daily chart)
1Hr. We had a short position this morning and took off half at the trend line (16597). Our stop loss is now at entry level for a free trade with locked in profits. Every oscillator is pointing lower. We may get a bounce around the previous low at 16500 but with our indicators showing a strong trend, that is all it should be. 16340 is my target.
AUDUSD
The 4 hour shows this the best. We have five waves down by three waves higher. The correction (ABC) was in a wedge so the first target area will be 9060-9108. Here we will look to lock in profits and move SL to entry. The P2 level is at 8968.
EURGBP
EURGBP broke this morning for the 5th wave in the sequence. The target level is now 9139 before we correct lower in three waves. Even though this may be a large correction, that’s all it should be, before the next leg higher.
USDCAD
Looking for an impulsive move higher from here. This should be wave three in a main wave count. I will look to take half profit at 10645 (previous high) and move my SL to entry. 11250 could be a potential fulltime target.
Good luck
Published on Thu, Nov 26 2009, 10:22 GMT
Archive
- EURGBP
Published On Mon, Jan 11 2010, 10:29 GMT - GBPUSD - What to look for after the BOE
Published On Thu, Jan 7 2010, 11:06 GMT - GBPUSD / EURUSD / USDCAD
Published On Wed, Jan 6 2010, 10:09 GMT - AUDUSD
Published On Tue, Jan 5 2010, 08:17 GMT - GBPUSD / AUDUSD / USDJPY
Published On Mon, Jan 4 2010, 10:20 GMT
Turtle Index
| One Moulsham Street. Chelmsford - Essex CM2 0HR
http://www.turtleindex.com | ian@turtlefutures.com
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