dollar will get pressured as we approach FED meeting, Oil will rise as the dollar declines, Gold too, it will become crunch time, the MM's will use this distributive consolidative phase to get their positions in. looking for a retest of 1440 before the year is out.
well..Im hoping we get a good drop into the close. I haven't got any money on it though. I developed a system and have been testing it without money for 2 months. I took it live 12 days ago and have made nearly 400 pips. I dont wanna push my luckand am taking all my money out of my account tonight. For it to be an amazing week we need to get down to 1476.0! not looking good i must say, lol. (currently 1485.5)
MA sell signal towards the close. multiple crosses at top and bottom of ATR's implies resistance and support.
I havent posted and visually shown my reason for a trade in awhile so I thought I would show this oil trade. Reason for trade: completed 5 wave move at 78.6 retrace of higher level swing. Confirming factors: 2 overlapping wedges, one of higher degree(strong pattern at tops), 50x200 bowtie on the 60min, test of higher level trendline, 60min dptl oct 30-nov3,test of major BOB's In my trading plan I must have a MINIMUM of 3 cf's in every trade I take that way I always have the probablities highly stacked in my favour. This setup has 8 so it would be about 7 out of 10 on a ranking scale.
If the market wanted to, it could easily gap to the trendline on the 240 minute. edit: TIC data out Friday....