Friday 7th December

by Liam 13:32 0 comments

Didn't get around to posting an update on Thursday. I've been busy studying my PnF charts. As well as this i've started hand drawing (well, in OpenOffice!) so that I can utilise 45° trend lines that I can't draw with Sierra charts. I've charted EUR/USD, GBP/USD, AUD/USD and USD/CHF from their last significant high or low and started putting in trend lines etc. I'm not sure whether I've said this before but i'm excited about gaining all this new knowledge with PnF. I want to stay level headed but it's all encouraging to say the least.

Hand Drawn EUR/USD 1hr PnF

I'd also like to post the Sierra PnF chart as an update to last Tuesday's post. We didn't hit the upside target (purple) but this is still in play as the low of the count bar hasn't yet been taken out. This down move over the last few days may just be a correction in the overall trend. But I can't really say for sure. It was a fast move that caught me a little unaware. But as usual, the PnF target that I took from the high held true. It's fascinating how good they are. There was even a nice sell signal before the drop, but with the up trend already I wasn't too keen on taking it.

EUR/USD 1hr PnF

I didn't see much in the way of a short signal for Friday morning but there was a nice buy entry in the evening. Please ignore all the lines and concentrate on the highlighted zone. With the down move over the last few days I haven't got around to tidying up all the old zones yet! Massive volume at the low with a positive buying reaction before testing into the 50% area of the bar.

EUR/USD 15min

That's it for me, have a good weekend everyone!

Cheers,

Liam