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Cedric Thompson, CMT I am a Market Analyst at the Trinidad and Tobago Unit Trust Corporation as well as a member of the MTA. In 2007 I graduated from the University of the West Indies with a Bsc. in Actuarial Science. Special Thanks to my Editors Candice Clarke and Peter Muldrew. Check out my... More
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  • CTA 22-Oct-13 EURCZK 0 comments
    Oct 22, 2013 1:18 PM

    EURCZK 4-HR

    (click to enlarge)

    MAIN VIEW - BLUE

    EURCZK completed a wave I impulse @ 25.845 on 20-Oct-13, as well as a wave ii zigzag on 22-Oct-13 @ 25.701. EURCZK is @ the beginning of wave iii, which is expected to end at the 26 price level, assuming equality with wave i. While the RSI is showing a positive reversal setup which is expected to carry EURCZK to 25.93, the MACD & the Fast Stochastic are yet to make a positive crossover. The count will be invalidated if EURCAK falls below 25.701.

    Trade idea

    Buy EURCZK @ market (25.7825), with a stop @ 25.701 (0.32% loss) and targeting 26 (0.84% gain). Reward/risk = 2.625. It is recommended that a stop be placed a break even if EURCZK goes above 25.845.

    ALTERNATE VIEW - RED

    The corrective pattern EURCZK has not completed and EURCZK is in a wave x, which is expected to end around 25.81. Then assuming equality with wave w, EURCZK should fall lower to 25.6562, where wave y is expected to end. The RSI does not confirm this move as it is in a positive reversal setup and the MACD & Fast Stochastic are expected to make positive crossovers. A move above 25.845 invalidates this count.

    Trade idea

    Short EURCZK @ 25.8103 with a stop @ 25.845 (0.13% loss) and targeting 25.6562 (0.60% gain). Reward/risk = 4.62.

    Themes: EURCZK
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