Why not?
Chinook's EUR/USD (E/$)Mumblings
- Thread starter chinook
- Start date
I cut my position around 1.2560 basis the Dec. future. I don't like the fact that the market breached the range of 1.26-1.30 basis the futures that had been holding since end of April. Overall, I think fundamentals point to weak US $ in the long-run. Will get back in on a rejection of the range breakout if the ECZ6 trades back above 1.27 or so. I recognize that the break of 1.26-1.30 is not a strong rejection at this point given that we've only traded down to 1.2525 or so.
Here is how I see it. Good luck.
Up. Possible target is 1.3200, which would make wave 5 = wave 1. Notice that wave 2 was simple and short. While this wave 4 has been complex and long, which is in keeping with the rule of alternation. Furthermore, wave 3 = 1.618 of wave 1. Good luck.
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A positive divergence occurs when MACD begins to advance and the security is still in a downtrend and makes a lower reaction low. MACD can either form as a series of higher lows or a second low that is higher than the previous low. Positive divergences are probably the least common of the three signals, but are usually the most reliable and lead to the biggest moves.
http://stockcharts.com/education/indicatoranalysis/images/ta-macd1-nvls1.png
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A positive divergence occurs when MACD begins to advance and the security is still in a downtrend and makes a lower reaction low. MACD can either form as a series of higher lows or a second low that is higher than the previous low. Positive divergences are probably the least common of the three signals, but are usually the most reliable and lead to the biggest moves.
http://stockcharts.com/education/indicatoranalysis/images/ta-macd1-nvls1.png
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If anyone got in at 1.2500 when I posted my graph on October 17, then get ready to close out your position at 1.3200 for a nice 700 pip profit. Wave 5 will be nearing completion. Merry Christmas!