Tuesday, October 13, 2009

British Pound Bearish; October 13, 2009

Not pretty, but possible. The GBP/USD formed a major head and shoulders pattern and is decline in 5 waves, albeit an ugly 5 waves, but 5 waves nonetheless. This is despite the EUR/USD rallying to a new high. This divergence is bullish for the US dollar.


Anonymous said...

Hi, Todd
I seen your chart on FXCM and followed your blog.I only trade forex and a newby at that.I am trying to learn the elliott wave patterns, and was wondering if you posted forex charts everyday? Your charts seem to be more clear than others.

Todd S said...

Hi Ted,

I have been posting forex charts, mainly the EUR/USD, lately because currencies have been a good indicator for the stock market. I know some followers do really like currencies so I've been trying to implement FX more on the blog.

Let me know if you have a currency pair in mind that you like to trade, and/or any questions.