I draw the line right here
雲ボブ
Fundamentals do not work when the public is deceived by the media. Charts can reveal the truth.
Friday, June 5, 2009
I've been experimenting with using trend lines to time the market reversals. I saw this and wanted to present it. It will be interesting to see if it has any merit. My back testing has shown that it can be useful.
It's 13:50 at the NYSE right now and the EUR/USD appears to be starting to rally from a bottom trendline and Fibonacci point. If it takes off it will be interesting to see how it affects the SPX. The EUR/USD broke the bottom of a longer term trend line this morning. It appears that save for a small rally right now the dollar may reverse and gain strength. This would have a bearish pull on the SPX as well.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
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Right after posting this message the EUR/USD rally failed and took the SPX down. That is working perfectly with the fourth wave correction. I have faith that the dollar will hold and bounce off the 1.3950 area. This is a strong Fibonacci area.
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