Thursday, 19 January 2012
EURGBP chart - signs of a deeper correction.
Despite my focus on trader psychology, development and performance, I still like the odd dabble in the market. - I suppose once a trader always a trader. - One market which looks interesting to me right now is the EURGBP cross. - I have attached a chart below highlighting my view that we may be seeing a correction unfold. - Though not a lover of the 'Head & Shoulders' pattern (they so often disappoint), this is showing decent potential for a correction. Using the traditional measured target this could see a move to 0.8525 which is the 50% correction of the October - January decline, and around the base of the Sep - Dec range. Momentum is also quite supportive here, with clear 'bullish divergence' on the daily chart and shorter-term momentum studies favourable. Breaking over the most recent high (0.8377) and holding should strong favour a continuation of this correction.
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Nice analysis of the situation. About Head and Shoulders, you made a pun or you were talking about shampoo? Anyway Either we all need to wash your head after a day of trading...
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