Forget parity, I think we’re about to see a euro big rally

Traders are on the lookout for a Greek exit and a plunging euro, says John C Burford. The stage is set for a turnaround.

I'm following up on the euro story today because it is currently offering a magnificent example of how to put my tramline methods into action.

On Monday I described how I had stalked a long trade in EUR/USD at my C wave low (which dipped further than I had originally expected). My long entry was just below the 1.06 level and I had my protective stop 50 pips under that. As the market gathered strength, it traced out what I call a rising five wave zig zag. This is an interesting pattern that I have noted in similar situations.

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.