Blog Archive

Tuesday, February 16, 2010

Tuesday

12:30 PST

The Fibonacci Ratios and the Elliott Wave and the Andrews Pitchforks and the Ichimoku all make a good case for 1097 as the peak of wave [ii].
Here is yet one more count, but it does not really matter because they all top out about the same.



I am not sure if this breaks any rules but here is another count that I've been considering.

Update: I asked about this count and Trader Steve told me Kenny considers Expanding ED's to be very rare. So while it looks possible I'll go with Kenny's rule.


10:10 PST

I'm posting this DDF and Pivot Point update, to correct what I said this morning.
I said earlier this morning that we were at the top of the Persons Pivots. That was a mistake, we have been bumping against the Woodies Pivot. Price flew past the Persons Pivots after the first hour of trading.


Also I'd like to point out that the most recent positioning of the Andrews Pitchfork is easily tweeked to fall on the resistance of the 50% retrace as reflected in this chart. (notice the yellow line - with reference to the chart posted at 9:50)

9:50 PST

This Andrews pitchfork has been an obvious choice for some time, but I'm guilty of looking for what I wanted to see rather than what the chart was telling me. We broke out of what has been a sloppy downward fork and this arrangement fits. 1110 is a possible target for an EW wave 2 if we don't stop at the Kijun-sen which is on the 50% retrace.



08:30 PST

DDF is showing a Neutral to Bullish Bias today. The signal is not all that clear because while the yellow line falls in the center, the accumulation is clearly above the center.

Persons Pivots indicate 1089.75 as a high pivot, which is right about where we are now.



MoneySpy is Bullish on both the Hourly and Daily charts.

We have reach a 38% retrace from the 1150 high and are close to a 76% retrace from the high on Wednesday of last week.

The Andrews Pitchfork is showing a break out and indicates higher prices until the bottom tine is broken.




The Ichimoku is Bullish on the Hourly and the Daily chart shown below is threatening to the Bearish position it held last week. If this advance continues the Kijun-sen should provide resistance at 1097


The EUR/USD short last night was good for a 30 pip scalp but we bounced off the bottom tine and are now at the handle of the yellow fork. Stochastics and Williams A/D continue to show a very over bought condition.






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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