The chart shows my working cont for the last months movement. I think that the fall started from 1.6038 (15.07.2008) is corrective in nature and finished with a bullish triangle at 1.2459 (04.12.2008). The subsequent rise is also corrective in nature and is developing as a flat correction upon me. Wave A of it finished at 1.4718 (18.12.2008), wave B has probably finished on Friday at 1.2765. If this assumption is correct, the current rise should be beginning of wave C with potential target 1.5000. With an eye on my expectations I am currently with a long position.

Trading strategy: 09:36 EST; 14:36 GMT

Buy at market (1.3105), stop loss - 1.2950, target - open

Trading strategy: 04:00 EST; 09:00 GMT

Long position from 1.2809

Exit the long position at market (1.2962) with profit 153 pips

Stand aside for the moment

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.