Blog Archive

Tuesday, January 26, 2010

Tuesday

20:30 PST
As always I'm looking at my charts and discovered this possible Andrews Fork.
The center line falls into place and it allows for a higher rally which would fit Kenny's bullish wave two scenario.... I think Kenny is still long and looking for a descent rally. I may be mistaken because I have not been there since yesterday or the day before. No disrespect, everybody loves Kenny, but I've kinda gotten away from the many counts of EW.






Today in review:
The Bullish bias was a good call. Price exceeded the daily range and then returned after touching the pitchfork and reaching the Woodies Pivot. The pitchfork continues to contain the Price and lead the way.

My EURUSD trade went exactly as planned for a quick day trade. I exited the short with a 16 pip gain and re-entered 5 pips above my exit when it hit the support at 1.4075 I spoke of earlier.

Based on the Kumo, Andrews Pitchfork, and rhythms, I see a possibility of the EUR/USD breaking support at 14:00 PST and resuming a strong decline. If you are in this trade keep an eye on the 15 minute Kumo currently at 1.4067. Breaking out will be a bearish move.
My stop is 1.4091. The only thing I don't like about that setup is the oversold condition on some of the longer time periods.


/ESHO

11:14 PST
The EURUSD trade is going well but we have found support at 1.4085 which has been a pivot price in the past. But I'm still bearish, and looking for another 10 pips before we hit significant support.

Price has broke out above the /ES fork I've been showing. It can still be seen in this screen capture (black) but I'm going to remove it. These other two forks have been the charts and I've brought them forward by changing their colors.


Volume suggests that we have further upside. Watch the resistance of these forks and higher volume to find the peak of this advance.
Below is a possible fork on the SPX. Even though the green fork is holding nicely wanted to explore other possibilities.

10:20 PST
An update on the mini since I have not shown it today.

By the way look for some support on the EUR/USD at 1.4075 to 1.4068. I feel that that support will be broken but for a quick trade it may be the level to watch.

9:20 PST
The EUR/USD is prime for a short. Stochasstic in several periods are peaking Williams %R has peaked and Price is up against the tine. Current price is 1.4095. There is a bit of risk as the Ichimoku remains bullish but a break below the Kijun-sen would add validity to my bearish opinion.

9:10 PST
Not shown here, but the Woodies CCI has changed from a strong trend to a flat trend. Price is above the Least Squares M.A. but the trend remains Bearish indicating a hold short condition. So far no yellow warnings.

8:30 PST

The Ichimoku remains bearish. The Kijun-sen is available for resistance at 1116 should price escape the confines of the Persons Pivots. The Tenkan-sen has also flatened out and is offering support at 1096 SPX

Woodies Pivots has resistance levels of 1101, 1107 and 1111,

MoneySpy remains bearish at -0.6

The hourly PPS is oscillating as we trade in a narrow band, but the Daily PPS remains Bearish.

I thought it safe to remove the 150% tine from the Andrews Pitchfork. This is still a forecast fork, but I belive it has proven it's authority and probably will continue to do so.


7:30 PST



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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