If the price breaks above 1.32 we can expect for it to test the upper line of the triangle, while if it drops or remains under the pressure rises on the lower line of the pattern.
Only now does the technical setup offer ideal scalp opportunities with Today’s ECB decision providing further support for the dollar .
3) Stop Losses – Putting tight stop losses with retail brokers is a recipe for disaster. 7) Not Focusing on the Trade at Hand – There is no room for fantasizing in successful trading. Thursday is a very important day as the ECB will announce the Euro Zone Interest Rate and Mario Draghi (ECB President) will hold the usual Press Conference which is known to be a massive market mover.

Looking Forward to buy dips in $GBPUSD (extract from Weekly Market Forecast 1st of December 2013) . US reiterates that QE will continue for quite sometimes + near zero interest rate will stay much longer (market expect for tapering as soon as September). Market expect for another rate cut coming this August based on the dovish statement in May and June. It is possible that pairs may continue to push north if there is nothing new in his speech for at least a week until more economic data released . Wednesday the ADP Non Farm Employment Change will be announced and will provide an early estimate for the Government issued indicator with the same name which comes out two days later.

Much of what happens in Elliott wave patterns is clear, given enough time for the pattern to reveal itself. As a general rule of thumb, if the pattern is not clear, then there are two things likely happening: either the trend you are in is not finished OR more time is needed for the new trend to take shape.

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  1. RADIK

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  2. LadyWolf

    Choice is chosen for an asset whose.