Wednesday 5 October 2011

sell euro + US$ @ 1.3382..why? mkt should top at restest of 1.34

Carrying on from my late evening/midnight post( i was tired so pls excuse errors) you can see the Schiff pink UMLP at 1.3376 where we are short. 10pt stop. Looking for a RT to the blue M-line from a daily fork. I expect the € to top out here. It may well have another attempt/wave up to the pink ML but there is a reaction line form a daily fork (Agri value 76.5 AC/D) lying above price ( not visible here). Remember Schiff MLs are by far the most effective as they often have horizontal attitudes and effect price more than 45 degree angled lines especially in micro time frames such as 1min or 34 tick.

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