EUR/USD Daily Video, November 12, 2013

[Sive Morten]

Good morning,
EUR is coiling around daily support and shows signs of possible W&R, but upward retracement is still possible:





The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[Matthew Lloyd]

Hi Sive,
I have a Gartley 2 x 2 set up on the AUD/CAD (see attachment). I am unsure at which point the pattern will have failed (ie where should my stop loss be?). I have set my stop loss below the 1.618 extension of the retracement.
I have also set my target at the minor extension of the overall rise, which agrees with the 100 extension of the most recent rise. Is my reasoning sound?
Thanks, Matt