Hi, mates!!!
Wish and hope you're having good trading pips.
If you are not an EW follower, today should've been a good day for you. Sorry.
EURUSD was a buy at 1,3178 with stop at 1,3159. It made a high at 1,3273.
+ 95 pips.
USDCHF was a sell at 1,2064 with stop at 1,2090. It made a low at 1,1957.
+ 107 pips.
GBPUSD was a buy at 1,9504 with stop at 1,9471. It made a high at 1,9697.
+ 193 pips.
TOTAL= + 395 pips
Professional EW snake oil sellers were sending signals to their customers with this legend: "With "five-up" from 1.8837 being completed, we should be seeing a pullback toward the previous fourth-wave at 1.9307 develop over the near-term". This was made yesterday (29-11-06) at 5:00cet. Cable was trading at 1,9521.
At 3:00cet today, they again said: "No change. "The decline from 1.9546 looks incomplete. Continue to look lower. The lower 1.93s would still represent the target area." Cable was trading at 1,9473.
At 14:36cet today, they insisted: "The best count and the momentum divergences on recent highs suggest the rally from 1.8837 is extended and Cable due for a correction. In the short term look for support in the 1.9450 range and the 1.9300-1.9400 area". Cable was trading at 1,9559.
At 16:26cet today, again: "I still believe the best count has Cable nearing a peak. Momentum divergences support this idea. What's lacking is evidence of a top in place. A small degree five-wave decline is needed before we can suggest a top IS in place. Such a decline is not visible at this time". Cable was trading at 1,9633.
No more countings. They got tired.
Cable will drop. Of course it WILL. But this is what is wrong in EW: they think they know
when and trade accordingly. And what is worst, they do not reverse its position because they are right and the market is wrong.
I know my comments against EW make some EW followers angry. I'll keep posting my opinions about EW. Sorry. I will do it because I think they could help a lot of people to get out of this nightmare or not go through it at least or think twice before doing so.
You've seen how an easy system like CatFX50 is making money. You can find a lot more in this TSD forum. A lot more!! The ones made by Newdigital, FXIgor, FXCruiser and so on..
They do not want to know what market will or should do; they just follow it. A big difference, don't you think?
Let me post now a commentary from a pair of good TA and fundy traders:
"Well the question of the day seems to be – will the GBP/USD go to 2.000? If the US data continues to deteriorate like it has been it’s certainly a strong possibility. Today’s 49 print on Chicago PMI was shocking – the first contractionary reading since 2003 and if tomorrow’s ISM follows suit the FX market will only have one thing on its mind – the coming of the US recession. Of course manufacturing is only a small part of US economy and services so far, have held their own – but no one is going to wait for a confirmation. Everyone will assume that manufacturing leads to the downside and services will follow. That why tomorrow’s ISM may be the dollar bulls last chance.
The strength of the pound therefore is really not inherent to the unit but rather a function of US weakness. In fact today’s UK retail data indicates that UK consumer may be very tired going into the Xmas season setting up the possibility of the worst UK Xmas in 25 years.
But for now waiting for a turn in the pair is like waiting for Godot".
Nina
