DislikedIslander,
Yes..ur following me. We may get a relatively small retrace before we go up and take out a few expansion levels and then we may have a larger retracement back to say the 987 fib zone. Again, my intent is to show people the many ways in which you can apply what Mouteki is teaching us here on the forum. I am not in any way telling people to trade these moves. That decision is up to you to make.Ignored
So far USDCHF has had a Gap Down Open - this depending on your broker - and has its low so far at 1.1058 about three hours ago and at the start of Frankies Hour put in a higher low at 1080.
The Euro did the opposite with a high, then a lower high and cable two equal highs.
All of these moves have - IMO - been triggered by a Fundemental News
Event -
"Lehman Brothers Holdings Inc., once the fourth-largest U.S. investment bank, will file for bankruptcy after potential buyers abandoned talks and the U.S. government declined to fund a takeover of the crippled firm. "
Also, in order to avoid a similar fate, "Merrill Lynch, 94 years old and also based in New York, agreed to sell itself to Bank of America Corp. for $50 billion in an emergency deal hashed out yesterday"
These momentous events, coupled with a rumour that they may lead The Fed to ease rates again, could well lead to changes in market direction and we should be prepared for some wild swings as different stories hit the news wires.....it should be an interesting week for trading!....http://www.forexfactory.com/images/icons/icon10.gif
Trading Levels with WRBs