Wednesday, December 22, 2010

One more time

This wave B has been a very slow in development, but the target zone remains the same, 1.3040. I now think this count fits current price action best, 1 more 3 waves down ( 5 waves are also allowed, but would be a wave C ). This wave B would be a complex double three, where the second three is a complex double three on itself.

Geplaatst door op
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3 comments:

  1. AnonymousDecember 22, 2010 at 3:05 PM

    Jeremy,

    The 200 days MA seems to be in the area of 1.3095 (not much below the 1.3100 which I had on my data 2-3 days ago). I suggest that you check yours again (see below)
    (IGM)We are noting there are 1.3150 and 1.3200 expiries in [EUR/USD], as yet another intraday comeback attempt peters out....
    We are noting there are 1.3150 and 1.3200 expiries in [EUR/USD], as yet another intraday comeback attempt peters out. Swiss and German bank supply has been prominent in the move to the low 1.31s, with fix interests cited also. The earlier piece of purported good news (later given a no comment by the PBOC) that China is ready to buy Eur 4-5bln of Portugal debt has largely been negated by the ECB allotting Eur 149.5bln in a 98-day tender vs a Reuters forecast of Eur 105bln. It is a range trade for now, a wide approximate 1.31/1.32 market, as we eye a possible clear breach of the 200-day mov ave at 1.3095 into the US data.

    Have a productive day!

    Catalin

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  2. Jeremy DemunterDecember 22, 2010 at 3:42 PM

    Hey Catalin,

    It's very strange, my 200d sma on my fxcm MT4 platform is at 1.3028. I'm just very excited today because the wave B low is close and the bears are roaring, which is good, i love to go long when everyone is short. But there's always the risk that i'm wrong and price plunges anyway, that why it's best to be prudent when doing things like i do, believe me, i've burned my fingers ( and the rest ) enough to know you have to be carefull when going against the trend and the masses.

    Good luck!
    Jeremy

    ReplyDelete
  3. AnonymousDecember 22, 2010 at 5:27 PM

    Hey Jeremy,

    I can understand your excitement. Positioning against the crowd is the play of the brave traders. When it proves to be correct, it pays off heavily.
    In terms of price target for the wave B watch out that the 34 weeks SMA is at 1.3048. This might be a strong support.

    Wish you all the best,

    Catalin

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