Loads of support on 642.00 area now, i mean LOADS, on multi time frames. Trend is High overall.. Would be interesting
Support got broken. Although it never triggered for any LONG, plus the distance between Support and resistance was just too tite. We have a support at 39.50 and resistance at 42.50. Lets watch for the areas and wiat for the triggers.
So guys its like that. I hope few of you got benefitted from this. I am gona take care of my swing trades now.. I will be posting my overview of the various markets in the big picture in a bit. Anyone has any questions, feel free to ask.
Yihaa!! US and TY both fell hard as been told. EC and BP both toook off as been guided. JY and GOLD as well. Better started listening to it!
Okay... So lets talk a little about Forex markets and what I see from my eyes based on my methods and charts for the position trading perspective. I dont position trade, but I watch for it, it helps me know the overall picture. EURUSD: The overall Trend is DOWN, with a pullback of 50-70 ticks is expected before it dives again for another 100-150 ticks within next few days. I wont LONG it for no reason and wont even call it that it has bottomed. Its a downtrend and it can keep on going lower and lower, ofcourse with pullbacks. If it breaks 1.2150, that would become a no trade Zone and if it breaks 1.2200 it becomes a LONg to be entered aftrer a pullback. At the movment everything is saying that we can see more downfall on it in days to come. If trend continues to go down, We can see levels of 1.1400 in few weeks. Note that trend on EUR has remained HIGH for over 3 years on weekly charts and its the first time in last 3 years that trend has broken into downward, which can result is a real downfall on EUR and chances are we can see 1:1 on EURUSD pair in few months time. USDJPY : Okay the daily picture is favouring LONGS. We will see a little bit of pullbacks of 40-50 ticks and if the trend remains intact it can fly up for another couple of hundred ticks. Its all looking very strong, however i must say a pullback is due. It needs to break 112.40 for us to start thinking of taking shorts. Weekly picture is also very stong but is showing it has hit its first initial targets and is ready for another step up but that would only be possible after a pullback 112.65 levels for another ride up for 500 ticks or so more. Note : Its just a matter of what time frame you are watching. Intraday, Ticks, daily or weekly. If weekly is saying LONGS doesnt mean intraday has to say the same. I just use the daily and weekly timeframes for the relatiove direction. Ofourse I am a day trader and I remain a daytrader. Cheers