ShadowTrader_08
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<h1>Dollars & Sense</h1><br>
Good Morning, Traders!!! And Welcome to <strong>ShadowTraderPro F/X Trader. </strong> Yesterday, the U.S. Dollar Index continued to work its way higher so we are maintaining our top count calling for the continuation of wave (iii) higher. The dollar made a new high hitting 89.71 and respecting the trend line that we've drawn off the 2/23 low. So until the trend line is broke we will expect the index to work its way higher towards our target of 90+.
<img border=5 width=560 height=650 src="http://assets.shadowtrader.net/charts/090304USD.GIF">
Tuesday, we were stopped out of our <b>EUR/USD</b> short setup at 1.2600 for a 79 pip gain. The pair has continued to move down towards our target of 1.2400 hitting an intra-day low of 1.2454. The pair should have one more probe lower towards 1.2400 to complete wave (v) of wave iii down. Thereafter, we should see a rise back to the 1.2600 level to complete a wave iv of the larger wave (iii) down. We will look to short the pair at the completion of the wave iv correction higher. So we are still looking for lower levels over the next few days. If we see a high probability setup we will report it here or in an email alert.
<img border=5 width=560 height=650 src="http://assets.shadowtrader.net/charts/090304EUR.GIF">
Yesterday, we were looking for the <b>USD/CAD</b> to pull back in some form of a correction towards the 38.2% fibo or 1.2729. The pair made it as low as 1.2801 or the 23.6% fibo before bouncing and starting what looks to be wave (v) higher. We don't have a high confidence view of the rally off the wave (iv) low because of its choppy overlapping form which is more indicative of a correction rather than an impulsive (five wave) move higher (although it could be a diagonal). So we are hesitant to call the all clear on the rally. If our top count is correct and the pair is in a wave (v) higher, the upside is likely limited to the 1.3000-1.3100 range because so far the move higher since the wave (iv) low is shaping up to look like a diagonal which limits the upside potential. So our best bet is to wait for the completion of wave (v) in the 1.3000+ range and short the correction back down to the 1.2800 level. If we see a high probability setup we will report it here or in an email alert.
<img border=5 width=560 height=650 src="http://assets.shadowtrader.net/charts/090304CAD.GIF">
Yesterday, the <b>GBP/USD</b> pushed higher to the 50% fibo of the wave .ii high to complete wave .iv. The pair since then has chopped sideways to down. The next move should be a thrust lower towards the 1.3900 level. If we see the setup we will report it here or in an email alert.
<img border=5 width=560 height=650 src="http://assets.shadowtrader.net/charts/090303GBP.GIF">
Today, we are going to include the <b>AUD/USD</b> in our analysis. The pair has been following a predictable wave pattern for the past few weeks and is sporting a pretty good short setup at this time. So far the pair has been exhibiting wave 1's and 2's and we should be at the beginning stages of a wave .iii decline. The setup is pretty tight meaning that our stop is not far away from our entry and the downside provides a good risk reward ratio. Our <i>Short Idea</i> has a trigger at 0.6330, stop at 0.6375 and a target at 0.6150.
<img border=5 width=560 height=650 src="http://assets.shadowtrader.net/charts/090304AUD.GIF">
<h1>Dollars & Sense</h1><br>
Good Morning, Traders!!! And Welcome to <strong>ShadowTraderPro F/X Trader. </strong> Yesterday, the U.S. Dollar Index continued to work its way higher so we are maintaining our top count calling for the continuation of wave (iii) higher. The dollar made a new high hitting 89.71 and respecting the trend line that we've drawn off the 2/23 low. So until the trend line is broke we will expect the index to work its way higher towards our target of 90+.
<img border=5 width=560 height=650 src="http://assets.shadowtrader.net/charts/090304USD.GIF">
Tuesday, we were stopped out of our <b>EUR/USD</b> short setup at 1.2600 for a 79 pip gain. The pair has continued to move down towards our target of 1.2400 hitting an intra-day low of 1.2454. The pair should have one more probe lower towards 1.2400 to complete wave (v) of wave iii down. Thereafter, we should see a rise back to the 1.2600 level to complete a wave iv of the larger wave (iii) down. We will look to short the pair at the completion of the wave iv correction higher. So we are still looking for lower levels over the next few days. If we see a high probability setup we will report it here or in an email alert.
<img border=5 width=560 height=650 src="http://assets.shadowtrader.net/charts/090304EUR.GIF">
Yesterday, we were looking for the <b>USD/CAD</b> to pull back in some form of a correction towards the 38.2% fibo or 1.2729. The pair made it as low as 1.2801 or the 23.6% fibo before bouncing and starting what looks to be wave (v) higher. We don't have a high confidence view of the rally off the wave (iv) low because of its choppy overlapping form which is more indicative of a correction rather than an impulsive (five wave) move higher (although it could be a diagonal). So we are hesitant to call the all clear on the rally. If our top count is correct and the pair is in a wave (v) higher, the upside is likely limited to the 1.3000-1.3100 range because so far the move higher since the wave (iv) low is shaping up to look like a diagonal which limits the upside potential. So our best bet is to wait for the completion of wave (v) in the 1.3000+ range and short the correction back down to the 1.2800 level. If we see a high probability setup we will report it here or in an email alert.
<img border=5 width=560 height=650 src="http://assets.shadowtrader.net/charts/090304CAD.GIF">
Yesterday, the <b>GBP/USD</b> pushed higher to the 50% fibo of the wave .ii high to complete wave .iv. The pair since then has chopped sideways to down. The next move should be a thrust lower towards the 1.3900 level. If we see the setup we will report it here or in an email alert.
<img border=5 width=560 height=650 src="http://assets.shadowtrader.net/charts/090303GBP.GIF">
Today, we are going to include the <b>AUD/USD</b> in our analysis. The pair has been following a predictable wave pattern for the past few weeks and is sporting a pretty good short setup at this time. So far the pair has been exhibiting wave 1's and 2's and we should be at the beginning stages of a wave .iii decline. The setup is pretty tight meaning that our stop is not far away from our entry and the downside provides a good risk reward ratio. Our <i>Short Idea</i> has a trigger at 0.6330, stop at 0.6375 and a target at 0.6150.
<img border=5 width=560 height=650 src="http://assets.shadowtrader.net/charts/090304AUD.GIF">