Euro Analysis

After analyzing the Euro this morning I hope most of you made some profit yesterday.
I would suggest locking in your profit or at least break even otherwise use the spreadsheet to scale out. The reason I mention about profit this morning is looking at the shorter term elliott waves, I have noticed there maybe a possibility of another bounce up prior to a move down. This can be worked out by using 60 minute and 15 minute charts. Unfortunately, where I am at present has a slow internet connection and data transfer is nearly at a halt so trying to upload a chart is just causing the connection to hang.
If we do bounce up then we might see the price reach or go above 12906. If and when this high ends then we can look at shorts again.
So for those of you that may well have started shorting, I would consider profit taking or some kind of management so the profit does not disappear.
If we deal above 12865 then 12893-12906 may follow.

Good luck and have a good weekend.

Euro Fibonacci

The Euro has bounced up on the .618 fibonacci time. According to the analysis today is 21 trading days from the low of July which is either wave 1 or A so we could get a change of trend today or tomorrow allowing for a good swing short trade. We are also near the fibonacci price reversal points. In addition we are also forming a MACD divergence on the 15 minute chart and the 60 minute chart.
The trend is still down.
Nothing in trading is ever guaranteed and I urge you to please do your own analysis and as usual good luck on your trading toay.

Euro & GBP Pivot Points

Euro Dollar and Pound Dollar pivots for today.

Cable & Euro

Above are the Cable & Euro daily charts. Stay out of the market until BoE minutes have been released. I will update the charts again tomorrow which should then give us a better idea of direction.
What people tend to find frustrating is to sit on the sideline and not actually trade when they should stay out of the markets. Right now is one of those times until we find a direction for both the above. However, the Euro still seems more clear cut & I still feel we have a way to go down on the Euro although todays minutes may possibly provide a bounce.
As always please do your own analysis after the minutes have ben released.
Dynamic Trader version 5 has finally been released.

News

Sorry for the late post today.
Above is today's pivot points for Euro and Cable.
It is best to await the CPI and BoE news tomorrow before placing any swing trades. If you are already shorting then I would tighten the stops a little.
I will post charts tomorow.

Cable

I am also short on the GBP as of last night. I will place an analysis on Cable tomorrow. The risk is minimal at present although it is still a risk. Please do your own analysis as always.

What Now?

Morning,

The Euro has hit near the 50% zone (12686) so there is a possibility we may see a bounce up toward 12784-12810. While in the swing trade position, perhaps a scale out point should be taken just in case. Even if we continue to go down from here at least you will have banked some profits.
Don't forget we have BoE Meeting Minutes on Wednesday so the market may well drift in anticipation of that.

Overall, I have swing shorts open (although scaled out) and will contiue to do so unless we break 12810. I believe we have a long way to go before the Euro bottoms out. The trend is still down.