Wednesday, 21 March 2012

Gold and EURUSD...I hope you saw this coming?

Here's a simple set of forks and red RL's on 240 min EurUsd. Is this a correction or 'as good as it gets'? Price action has had a strange character and a clear 5 wave up move. Even I can count this one without 'fudgeing' the count as i find is so often the case with wave's all subjective and your count may not be the same as mine but in this case i guess most would agree its a loose 5 wave count...but so what? Theres still a LH and several centre line failures. I think we may see a RT back to 1.3170 area if we break 1.3200.... but as yet i have no firm view on this pair yet but tend towards the downside with the fundamentals that are coming out re the Eurozone and current tech patterns.


Two Gold charts that carry on from yesterdays post. The setup never materialised and although we saw price action along the blue UMLP/RL and there could have been a small 5$ trade in there with a tight spread but thats not for me ( not with a 50cent CFD spread anyway) and a poor RR.
I still favour the downside and are sure we will see 1632 but we keep catching on the blue horizontal ML at 1648$. This is a sideways pattern and local forks are of minimum use here exceptone used to desribe the whole move . When a move comes it maybe steep/sharp.

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