Saturday, December 12, 2009
Pedram recently told me about the PPS . It looks like a good indicator so I'll add it to my arsenal. If you have questions about the charts send a comment.
The blue Pitchfork seems to be holding, but we might see the gray and the green forks take over as some of the indicators look as if they could be topping.
Squeeze is neutral, and Trend is showing RED bars, but Price and the 8 EMA are a long way from the 21 EMA on the Propulsion chart so it's a bit mixed .
The Ichimoku shows some weakness, but it could easily change. With so many conflicting indicators is probably best to see how it breaks. We have a large flat Kumo coming up and a short period of opportunity to break the weak spot. Monday may turn out to be a significant day if it does. The M60 squeeze is not predictinging a lot of volatility but the Daily is ready to move. When we break it may be a substantial move, and I doubt we will get back through this range if we break to the down side.
The Euro is sitting on support at 1.4616, and many indicators are over sold. There was a big sell off on Friday and it will be interesting to see if it bounces off this Kumo or carries through. A break below the flat Kumo bottom would be very Bearish.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.
Posted by Robert Campbell at 20:55