Let it go right down this hole!
13:00 PST Market Closed
There are a few minutes remaining before the close so I thought I would start writing my daily wrap up. Here's a Pitchfork chart of the EUR/USD I made a while back. At the time I was not sure which bottom to start the fork from, but it seems clear now. I am looking for price to break this fork soon, and head down through the weakness in the Weakly Kumo. In anticipation of this move I've made a decision to always hold some short positions open while I trade the daily squiggles.Today the /ES started out as predicted, and I rather hoped that we would finish with a sell off so I could calm another prediction, but that may have to happen in the after hours market. But the market did trade near my predicted extended limits.
This morning at 07:36 I warned that the Squeeze Indicator was showing strong signs of high volatility in the market and within minutes we began a strong run up to the high of the day.
The M60 MoneySpy has made a peak which is indicates a top has or is likely to form very soon.
Volume was high on both the sell off and the surge to make the daily high. But notice how it was sold back down below the bars open.
Today went up on lower and lower volume. I'm not an expert at volume relations but this appears to me as the market makers taking profit. It also seems this may indicate further selling tomorrow.
Over night the market will find support from a flat Kumo at 1137.89. This is also my high of the expected daily today. This price may become a significant pivot.
I'll have the daily range and bias within the first few minutes of tomorrow's open.
Here's an update on the /ES. I've included some possible forks
Here's an update to the /ES. Having broken the expected daily range the wider lower limit of 1126.62 is now in force.
MoneySpy is below the zero line and high volatility can be expected as the Squeeze indicator has turned yellow
My stop on the EUR/USD was hit last night, and I've redrawn the forks.
For the /ES I'm expect a bearish bias for the trend today. The expected range is 1133.5 to a high of 1138.
Should Price break beyond this range I would expand that range to 1126.63 to 1141.88.
The expected range for the week remains between 1122 -1160. These valves are limits. It does not mean I'm expecting Price to reach these limits.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.