Blog Archive

Monday, February 1, 2010

Monday

12:10 PST
The EURUSD has come into what appears to be a good setup for a short down to about 1.3909.
To see why, look at the stochastics for M1 thru M60. Every period is in alignment. My fork indicates 1.30 area for a bottom and this would fit well for an EW wave C.

This is not the strongest of all setups because Williams A/D has not topped out, but I'm not looking for a major move here. But 11 pips would be nice with a stop at 1.3926 it's a fairly safe trade. currently 1.3922


Update:
Seconds later my stop was hit. I'm still watching it as a small short.

11:40 PST

EUR/USD at M60 resistance. Too risky to take a position right now.

Here is the DDF for the SPX.


11:10 PST
The momentum on the EUR/USD has is not set up strong enough to hold long. It may go but I took my profit (7 pips). I'd prefer to wait for a better set up.

1030 PST
The EUR/USD has developed support at 1.3914. M5 Kijun-sen and Kumo. Resistance on the M60 Kumo at 1.3926. This is not a strong Kumo. I expect higher prices ahead. We have developed an upward fork

09:51 PST
Near resistance from Woodies Pivots and the DDF daily range. DDF is bullish so a breakout is possible. The next level of resistance is the Persons Pivot 1089.6. Notice that tomorrows range is dynamic and is adjusting upward.

MoneySpy is Bullish
PPS is Bullish
Woodies CCI appears to be in transistion

The exact EW count is not clear to me, but we have most likely begun minute wave [ii].



08:30 PST

The EUR/USD has broken out of it's long standing downward fork and may be headed to over 1.40 again.


07:30 PST
The hourly charts:
The Ichimoku remains Bearish, but Price has transcended the Tenkan-sen. Now we have support from the M60 Tenkan-sen at 1083 and resistance from the Kijun-sen at about 1088 the Kumo above offer will offer resistance at about 1099 but the bottom edge of the Kumo is weak.

Woodies CCI is flat (not shown here)
MoneySpy is on the line and close to a Bullish signal. (not shown here)

The Daily Charts:
MoneySpy and Woodies CCI remain Bearish (not shown here)
Having entered the Daily Kumo we now have support at 1074. Please notice the bounce off the bottom of this Kumo, and resistance at 1102.

DDF - The DDF is indicating a Bullish Bias for today's trend. The DDF's areas of support and resistance are 1074 and 1086.36. Which means is would be safer to buy the dips near the support but avoid shorting today.

So far we have traded up near the top of Persons Pivot at 1089.59. The lower pivot is 1056
The weekly Persons Pivots range is 1050.95 to 1094.51 and we are currently at the Center Pivot Point

I've narrowed the Andrews Pitchfork down to what I believe is the most likely path and have included a possible Elliott Wave count.







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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