Winks Twitter Charts: June 2011

Have slipped away from looking at the bigger picture on a few markets, building e-bikes, Getting Fit, Learning how to Play Starcraft II, getting smashed at work with a shortage of colleagues n a plethora ofstuff do... fun fun fun :). However, ze markets is ze passion and ze future source of income so must get back on ze wagon and do ze stuff.

so First Up EURUSD 2*Daily (2 dauily due to me using IGMarkets ITFinance charting package, n I can on 2 days have a fairly clean chart even though on my daily chart i have lines n squiggles n voodoo shite that would make the average good t/a person puke blood)

w/out further Ado...

Hopefully da reason for showin the 2 daily is now obvious... we have a very nicely confirmed 5 wave up trend count... nicely confirmed???... check the MACD, marked 1 acheives uptrend, marked 2 confirms 1, marked 3 tops out smoothly marked 4 does what 4 should do, and 5 Perfection.

now unlwss you've been reading this blog n following my research into the MACD and its confirmation of price waves that will mean stuff all to ya. HOWEVER, if anyone, Just ONE person leaves a comment requesting a full explanation of what I have found... I will write it up in a clean form, convert it to PDF and make it available for download. No requests, no document.

Right... so back to the chart... 'ccording to me we have the 5 wave up trend, according to Elliot, we should get at least a 3 wave correction. Price is certainly correcting or at least congesting now.

for shits n giggles I'll now present the daily, just looking at the latest congestiion.

Following on from the theme "Elliot Says 3 waves after 5 waves" (also known as ABC) as marked here, a "perfect" ABC would see a C leg as deep as the A leg, n assuming the marked B is correct, that would brig C down to the marked C?? area.

In the meantime though, checkit.. we are in a "daily" price trap at the moment, as marked by the light blue line sgments... thinngs on wave counts are seldom perfect, the Moving averages are "braiding" indicating uncertainty, we have lower highs and higher lows... messy bunch of shite. what's more we are basically right in the middle of thr marked (light blue lines) trap, centre battle ground twixt those of us who think Long forever trash the USD and those of us who think Short the freakin Euro cos the bloody thing is a failed eperiment and sovereignty along with sovereign currency is the only way to go and the Europeans really are not an amorphous blob where culture of the southourn Europeans is the same as that of the northern and so fiscal policy is gonna be a freakin mess. Phew!

(and Pffffft! for good measure)

Now, a squizz at the 4 hourly cos some inneresting stuff has just occurred.

Ref the A and B against the Daily marked stuff...
A VERY BADLY DRAWN CHANNEL is shown here on this chart, and the dotted horizontal line is an area of res and supp that has been historically significant for some time.
That up price action in the channel to me is pretty weak, tight, uncertaiin and SOOOO easily wiped out. We are back below the dotted res/supp level, tho could well be a band rather than a single price point :), stochastics have rolled in a fashoin that suggests a good long look at the over sold are below is worth while.

I am currently short (if you can call an angry Australian over 183cm in height short) I expect a bit of waffle around here from previously stated price trap stuff, but if we manage to stay below the marked crappy channel, and the MACDs on the 4hrly cross down, well, bottom of trap as marked on daily is first target... If that breaks , the marked C?? point on 2 daily is second target. If price gets back in that "weak" up channel... well darn it reassess.

Trade well

;)