Euro bounced up

Chart courtesy of Dynamic Trader. Data provided by eSignal.

Good morning, We have the Euro chart above and I have taken all the wave counts off it for the moment until the uptrend comes to an end. A possible end could be around 12676 as that is a fib extension but that could be broken for the figure.

As mentioned in my post at the beginning of this week, i thought the Euro was in a wave 4 and would go up for what I thought would be a wave 5. My wave count was incorrect and we made a daily close below wave 1 cancelling the possibility of it being a wave 4 but regardless of what the wave was, the bias was still long (look at time) and this was identified from the weekend data that some of you know I use which I feed in to Metastock. This information provided me with the possible trading bias for the coming week and that bias was long. However, the longer term trend is still down unless 12980 is broken.

We have gone up about 150 pips since mentioning it on the Euro and Cable has achieved even more pips. The Canadian Dollar has gone down since I mentioned it last week and has not done too well. However, I am still in a trade with the CAD and although holding a loss. The weekly chart is showing we are in the midst of a wave 3 and this is only a retracement. My stop is below the beginning of wave 1 and I will hold this pair until we hit and fib reversal or major candlestick reversal on a weekly pivot.

I wish you all good luck for today and tomorrow.