Although the Australian dollar rose to 0.9324 this morning, the subsequent sharp retreat from there has retained our bearish count that wave (5) has possibly ended at 0.9407 earlier and further consolidation below this level would be seen with downside bias for test of 0.9131 minor support, break there would…
Monthly Archives: November 2009
Trade Idea: EUR/JPY – Stand Aside
The single currency finally dropped below indicated support at 131.01, dampening our previous bullish count that the correction from 138.49 has ended there and we have re-labeled the break-down of this decline from 138.49 as: a- 131.01, b: 135.76 (4 Nov) and the c leg of wave 2 is still…
AUD/JPY Elliott Wave Analysis
Although the currency pair rebound to 84.22 earlier this month, the subsequent retreat from there has retained our bearish view that top has possibly been formed at 85.30 and further consolidation below there is seen with downside bias for further fall to 78.00 but it is necessary to see a…
AUD/USD Elliott Wave Analysis
Aussie’s retreat after early marginal rise to 0.9407 suggests the wave 5 of C has possibly ended there and although the currency pair has recovered from 0.9060, as long as said resistance level holds, mild downside bias remains for another fall to 0.9060 and possibly 0.9000, however, only break of…
The Biggest Mistake Forex Traders Make
The trading pundits say that to be a successful trader, you must control your emotions. The general consensus seems to be that on the road to trading profitability, your emotions are your biggest enemy. The advice these experts give is to become more disciplined, to put all emotion aside.