May29, 2009 EurUsd Analysis

• The EurUsd pair in weekly chart the wave1 is over and we are in the position ofwave2.
• Wave2 is about 38.2 or 61.8 % of the wave1 retracement.
• Wave2 is common in price retrace, therefore the time period is shorter than wave4, and the price is retrace deeper than wave4.if this statement happened today then wave 2 is 5-3-5 retacement in daily chart.
• From yesterday the daily chart we notice that waveA is over and froming the waveB.
• We need to observe waveB is over at what price level, than we can define which type of retracement pattern.
• From the chart the waveB is retrace more than 76% of waveA.
  
  Weekly chart information:
  0point = 1.2885
  Wave1 = 1.4050
  
  Daily chart information:
  Wave5 = 1.4050
  WaveA= 1.3792
  
  My decision:
  Wait for waveB over and confirm the retracement pattern then setup a sell position in waveC.
  
  My trading strategy:
  Use the Elliott wave to find out my position.
  Use Fibonacci ratio to set my target price
  Use Chaos Trading to enter a trade