The Daily EUR has retraced enough to give us two buying opportunities, an Elliott Type One Buy along with a False Bar Stochastic Buy. At this point we would place our trigger technique (Regression Trend Channels) on the chart and look for an entry. Remember, just because we have a buying condition should not buy unless the market starts moving in our direction.
If the trade triggers our ultimate target would be 1.6200 with an initial target of 1.5810 (this will adjust).
Ron Wheeler
eur/usd-gbp/usd
Posted by: mitra | May 05, 2008 at 01:05 PM