Blog Archive

Wednesday, February 3, 2010

Wednesday

Review:
DDF forecast was dead wrong. In the chart just below I've noted a possible wedge. I don't have any more to say about it but wanted to point it out.
The Andrews Pichforks are standing true. Persons Pivot appears to be forecasting a narrower range for tomorrow.
EUR/USD:
My call for a possible Bullish breakout was premature. The oscillators (Stochastics and Williams AD) are close to syncing on several time frames. With Price so close to the bottom of the fork and the Persons Pivot this may be worth watching for a good move this afternoon.




10:00 PST
Possible Bullish breakout on the EURUSD

Update:
Obviously the DDF was not the best indicator for the EURUSD today. It was sort of a mixed signal. On one hand the bar was yellow which would be neutral. But the accumulated price was bullish by 930 EST. On the other hand it looked pretty gloomy shortly there after.

The oscillators may come into harmony at around 1.3880. The best attribute of a trader is patients. Just wait till everything lines up, but Persons Pivots are looking rather bearish.


09:00 PST

Here is a chart of the EURUSD. DDF is expecting a Bearish Bias.


Correction: This DDF shows a Neutral to Bullish Bias not a bearish Bias on the EURUSD

08:00 PST
DDF - The DDF is indicating a Bullish Bias for today's trend. The DDF's areas of support and resistance are 1097.7 and 1102.7

Today's Persons Pivot range from 1092.5 to 1115. Within that range is a Woodies Pivot at 1109.06 . This area appears to have significant strength.

The weekly Persons Pivots range is 1050.95 to 1094.51. 1115 is the R2 pivot which generally does not come into play but we are now between the top weekly pivots. (The weekly Persons Pivots are not shown on this chart.

Price is continuing to follow the forks with no sign of a trend change, but Price is likely to connect to the bottom tine of the yellow fork at some point (see chart above).

The hourly charts:
The Ichimoku is Neutral. Price has risen above the Tenkan-sen and Kijun-sen which are in a Bullish cross. Price is now inside the Kumo, and there is support from the M60 Kumo at 1090.21. But the Kumo has a flat top at 1114.
My interpretation is that the Ichimoku is neutral at this point. A weakening case can be made from the /ES chart as both the Tenkan-sen and Kijun-sen have turned flat.

MoneySpy is near the zero line and is suggesting a Bearish Bias





The Daily Charts:
I'm going to quit commenting on Woodies CCI because it does an injustice to the indicator to narrow it down to bullish or bearish. Woodies CCI is a complex system within itself with far more information than market direction.

MoneySpy is Bullish on the Daily chart

Price remains afloat in the Daily Kumo. We have support at 1075 and resistance at 1105
The Tenkan-sen has crossed below the Kijun-sen, but both are inside the Kumo so the Daily Ichimoku has no firm bias. Kijun-sen is flat at 1111. adding strength to the resistance of the Kumo in this area between 1105 and 1111.






Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.

4 comments:

  1. What about eur/usd Bob ?
    Alex G.

    ReplyDelete
  2. Alex I posted a DDF Pivot Point chart for you. But I use Andrews Pitchforks, Stochastics Ichimoku and Williams AD for my FOREX trading.

    I wait for the oscillators to come into agreement in the M1 through M30 periods. Then check the Ichimoku and Andrews Pitchfork for confirmation. The 5 minute Ichimoku chart is my favorite time period.

    ReplyDelete
  3. Bob what is the price for stop and target for a long entry ?

    ReplyDelete
  4. Anonymous,

    For me the FOREX market is far too dynamic to say anything about stops. My TA goes on all day, and if I see something I did not see five minutes ago I can't be responsible to my readers. There is just no time to trade and update a blog.

    My Forex trading is my strong suit, but I don't generally trade with stops and take profits levels. That screws me up.

    I really should quit mentioning scalping opportunities because I can't trade and relay further info as soon as it things change

    Today Alex asked about the Euro and I posted a DDF. I'm sorry I should have written him directly, because the setup was not there.

    I've got some positions open now and since I'm busy doing other things I did put stops and close orders in. I'll post the chart.

    ReplyDelete

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