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04-05-2012, 03:36 AM #72181
i would say next leg down for a lower low.....
supp levels to look out for @ 1.3110, 1.3080, 1.3025. then of course 1.3...... resis 1.3160 but i think that long gone.
04-05-2012, 03:54 AM #72182
SPX and we may be heading for a corrective move down
I have pointed out that a corrective move should come on SPX for tops were getting heavy last week.1424 as per last week holds out and now focus is on 1390-91 supp.
8 hrs is trying to provoke a bounce and may succeed in showing 1409-10.. which I expect it to hold for today.
1693 is supp on 8 hrs..
4 hrs is more vivid and simpler as it has an extended supp blue thick line at 1391 as supp and if that breaks and we can have a daily close or even a 4 hrs close under to it, the fact that we are on to test a 1345-47 view fortifies..
I don't think we can be out of this 1393-1410 range prior to NFP..
Will find out though..
This indeed will show or can depict a possible move on AUD..
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...
04-05-2012, 03:56 AM #72183
Well, the snow turned into electrical power cuts - oh what fun!
Where did all the bulls go, that is what I say! lol
I faded all the way down with lowest long at 1.3113, so I am completely biased at present of course. I bought the ending diagonal and bottom of 2 day range as explained yesterday and hope the bottom holds.
Couple of charts: daily chart. Indicators explained on there. Note how the 2 month Hull is now being tested from the upside, having worked off earlier penetration. Also triangle building or 1-2,1-2? The 1,2,3 month Hull's all stacked for sell still, but is the 20 day channel getting ready for attack??
My abc count on the 240 min. Targeting Monthly Pivot at 1.3246 today and then complete break for a week on holiday.
Catch you all later, if this power stays on!
04-05-2012, 04:00 AM #72184
One more thing,
Originally Posted by AV1
John posted latest sp500 chart update, which has probably the most importance for us traders. As you can see there are 3 MTD tops in row (red7,9,11 - in place, still to come??), hence there must be a LTD top soon. This will most likely be an SLTD top also (2 LTD tops) -possibly a top of the year. We could still see a blow off spike here, but a bear is awakening.
04-05-2012, 04:16 AM #72185
EURUSD 30 min
EURUSD is a bit oversold, but a correction to the PP may be sufficient and the downtrend should resume.
Ideally, below the PP or up to 1.3185 I look for S1.
In order to make a profit, learn first how to take the loss.
04-05-2012, 04:28 AM #72186
Thank you Patryk,
Originally Posted by fazi
I was reading the site you refered me too. Nice story from Mr. Wilder. I will read about Delta. However I have to get back to my stacks of books I have here as I am finishing college this June and then I'm planning to get more concentrated to such things.
04-05-2012, 04:29 AM #72187
Thanks Patryk - something to look at on my hols!
Originally Posted by fazi
04-05-2012, 04:41 AM #72188
You are welcome.
Originally Posted by AV1
First things first - oh boy I miss may/june exam sessions a lot - and the weather will be so temptating
Wishing you all the best with your graduation.
04-05-2012, 04:58 AM #72189
definately - enjoy it - delta and holidays
Originally Posted by Clivewaverider
04-05-2012, 05:13 AM #72190
Reshorted at the upper 1min Boll20
Sell the bounces since there is a long ways to go to the downside and the 1 hour technicals are not even in oversold state.
04-05-2012, 05:21 AM #72191
EUR/USD April 5 - 2012
There is no doubt that the EUR/USD is oversold in the short term and not only is price oversold in the short term price is also not far from 1.30 which is long term support.
Given this the downside is farily limted yet the short trend trend is not bullish - to turn bullish price needs to trade above the 1.3165 high, if this happens we can expect price to reach 1.3250 level - until this happens price will probabily drift to the 1.3035 area.
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EUR/USD 1 hour chart
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04-05-2012, 05:22 AM #72192
04-05-2012, 05:22 AM #72193
I now have a MyWave11 in the making - extended wave. May go further but elastic band in mind here being pulled and pulled and .......
Have increased target to 1.3265, just shy of wave 1 bottom and 61.8% retracement.
04-05-2012, 05:28 AM #72194
Overbought and oversold are relevant only to a time frame. Your charts show no technical indicators that would show overbought or oversold conditions hence it would seem that your oversold call is very subjective.
04-05-2012, 05:35 AM #72195
S&P FUT 1389 Seems no reason to buy with Friday a holiday. I wont use the term sell off. But looks like another correction down in US markets, and dollar strength.
Edit: BTW the VXX rose yesterday from a double bottom. Expected to rise higher today.
Last edited by Luxuriant; 04-05-2012 at 05:40 AM.
Have courage to look beyond the short term.