DailyFX Forum - View Single Post - Elliot Wave Trading

		DailyFX Forum
Sidebar Wrapper

1,067 Users Online

Thread: Elliot Wave Trading

View Single Post

#518 (permalink)

09-12-2007, 10:58 AM

italm31

Member

Join Date: Jul 2007

Posts: 1,592

italm31 is an unknown quantity at this point

Quote:

Originally Posted by Jamie Saettele

Additionally, EURGBP has broken higher. This is a significant breakout as the pair has been trading in a correction in a large second wave for quite some time. Wave 3 higher is underway towards the mid .70's. The chart presented here is a daily.

So far the diagonal is looking good on the larger charts (4 hour), but I still need to see a break below 2.0285 (thats wave b of wave 5 of the diagonal) in order to be sure. Also, Id like to see a close below the lower trendline on a 4 hour chart before declaring it a diagonal.

Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.