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.

2 comments:

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.
thanks
Ted

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.

Todd

StatCounter