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Thursday, 13 December 2012

EUR/JPY M30,H4&Daily Update + TPI

Rationale:
Count re-labeled one degree higher due to all my effords to catch wave 5 top were in vain.

Please notice on daily chart where the next supply area is: 110.76 - 111.52. If this is proper count, we should have:
- one more wave up to finish cycle,
- then wave 2 correction  maybe to 108.20 area to test the recent breakup level.
-then wave 3 to rally to supply area

Entry:
(1) The most obvious place to trade here is to go long in anticipation of wave 5 when price will get to 108.60 - 109.00 area.
(2) The second trade is to short the wave 5 top. I will send a signal when I find wave 5 top.
(3) Third trade is to buy wave 2 bottom, this is the most secure and risk free trade of all three. The area to buy might be the previous wave 1 high @ 108.17 (max. 107.93)

Take care,
Seb




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