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I am currently working as a Currency Strategist at the Trinidad and Tobago Unit Trust Corporation with responsibility over the TTUTC Global Bond Fund. I was previously responsible for the TTUTC Universal Retirement Fund. I am a graduate from the University of the West Indies with a Bsc. in... More
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  • CTA 18-Oct-13 EURGBP 0 comments
    Oct 18, 2013 11:32 AM

    (click to enlarge)


    A 5-wave impulse completed, with wave (v) ending @ 0.84692 on 4-Oct-13. This is followed by a 3-wave running flat with wave (a) ending @ 0.8428 on 8-Oct-13, wave (b) ending @ 0.85054 on 11-Oct-13 and wave (c) ending 0.84314 on 16-Oct-13. From there it appears that EURGBP may be entering into an impulse pattern or a zigzag. The points on the chart to note are (i)/(a') @ 0.84858 on 18-Oct-13, and (ii)/(b'), which is nearing completion around 0.84531. Wave (iii)/(c') is expected to be completed between 0.85 & 0.854. The count is invalidated if market price falls below 0.84314.

    Momentum indicators are also confirming the wave count. The RSI is indicating a positive reversal with W = 0.8428 on 8-Oct-13, Y = 0.85054 on 11-Oct-13 and X = 0.845 on 15-Oct-13.

    Price Target = (X-W) + Y = 0.85274

    Trade idea

    Buy EURGBP @ market (0.8451) with a stop @ 0.84314 (0.29% loss) & targeting 0.853 (0.93% gain). Reward/risk = 3.21.


    A 5-wave impulse ended @ 0.85054 on 11-Oct-13. This is followed by a 3-wave zigzag. Wave (a) ended @ 0.84314 on 16-Oct-13, wave (b) ended @ 0.84976 on 17-Oct-13 and wave (c), which is incomplete, is expected to end around 0.838. The count is invalidated if EURGBP moves above 0.84976.

    Momentum indicators are not confirming this count.

    Trade idea

    Short EURGBP @ market (0.8451) with a stop @ 0.84976 (0.55% loss) & targeting 0.838 (0.84% gain). Reward/risk = 1.53.

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