07/09/10 Analysis of Cable, as the potential R/R on this trade is outstanding and the points of confluence for a possible reversal are many. The trade will need to break to the downside of the bear flag on the daily, but in doing so could potentially run back to the lows.
07/07/10 Here's Nick Kangers (Chief Currency analyst-ProAct Traders) take: There are 2 charts. Each is showing a reason for a potential strong reversal. Also, on the retracement from the yearly low, price has made an ABC corrective recovery Elliot pattern. Take special note of the 2nd chart.
The bull flag and break of same keeps the bullish targets in place. Look for the 3rd resistance (R3) at 0.8597. should stall there due to even number ( psychological value). The further target is 0.8634.
Yesterday, My daughter gave birth to 2 beautiful babies. They are 5 weeks early but doing well. Thank you God for these precious gifts. Nice to be a grandad finally. They will be in a neo natal unit for the next three weeks.
REMEMBER: THIS IS BIG PICTURE ONLY - NOT INTRADAY! Please NOTE!!!! This is an opinion only! HOLIDAY IN THE USA Monday!
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WHAT ProAct Traders SEE: We have continued to march northward as the Euro continues to strengthen – we have stalled at the resistance at 1.2579 and completed an abc wave so are due for a correction. Looking for a move to the 1.2300 area and then we shall see if the uptrend has any real legs.
Non Farm Payroll came in at 125K vs. a forecast of 106K which currently has boasted the Euro. The former top was at 1.2669 - will expect seller to be there. Could stop at the .270 fib extension though at 1.2635. Further upside target is the .750 fib extension @ 1,2742.