The markets are moving swiftly this period.... and here I thought that December would be slow or slower .
Yesterday I said that I exited at 1.3, and am looking to short around 1.32-1.34. Prices rallied quickly after I exited (Sigh), and hit 1.34. I'm currently shorting EURUSD.
Meanwhile, I'd like to borrow what Elliott Wave Internation's article on 9 Dec:
"Remember, Elliott wave impulses do not overlap, while corrections do. Would you say that the latest EURUSD rally looks impulsive or corrective?"
"At this moment it's all about risk management. We believe a turn is underway, and that risk is defined and limited relative to reward."
I'm short right now... and keeping my fingers crossed. This is despite
a) People appear to recognise the trend as upwards now. (People also thought that it was downwards when price was at 1.26 levels).
b) ECB hinting and halting rate cuts
c) People think Fed may cut rates to ZERO.
Again.... Fingers still crossed.
Technical Analysis of the Forex Spot Markets using Elliott Waves, Chart Patterns, Candlesticks and other tools. Disclaimer: None of the comments in this blog shall be construed as professional trading or investment advice.
