- Charts on selected symbols with STOPD Levels are posted
- Recap and outlook commentaries are added to some posts as demonstration of applying STOPD and classic Chart Reading Techniques in actively traded markets
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Attempt to form higher timeframe bull flag failed. Daily bull flag upside breakout gave us Y+1 and then Y+2. Closed the week above Y+1 and midpoint.
Strong uptrend established. B-0 support until proven otherwise.
2-way action around previous week close. Head and shoulder breakdown capped by higher timeframe support below and led to a squeeze higher back up to shoulder top. Closed the week near Y-0 and above midpoint.
Trapped between 2 strong price zones. Until either boundary of this 3 weeks consolidation range is breached, there is no real direction play in coming weeks.
Brexit effect controlling cable all week. FBO Y-1 in the beginning of the week sent cable back up to Y+1. Bull flag on 4 hours pullback to 1.44 round number to form inverse head and shoulder. Breakout of the neckline gave us Y+2. Strong reaction at Y+2 dropped cable back down to midpoint. Close the week above Y-0 and midpoint.
Brexit in full force now. Every piece of news can swing cable hard due to reduced liquidity as size players will not bet on the outcome. Wait and see situation here.
Consolidation actions between Y-0 and Y+1. Ledge breakout upside gave us 100% of tight range. Closed the week above Y+1 and midpoint.
Rising wedge with support at B-0. Breaking below will give us a pullback to Y-0 and below.
Breaking below Y-1 without tagging Y-0 first as explained last week gave us a drop until 100% absolute range expansion. Closed the week below Y-1 and near week low.
More downside likely with Brexit being the focus in June. B-0 / Y-1 strong resistance until proven otherwise.
Bounced back up to Y-0 and found resistance. Sold off down to Y-2 as expected. Closed the week below Y-1 and midpoint.
Strong support / downside target Y-3 in play. Bottom setup develops there will point to short term low in place.
News shock at the beginning of the week sent ES above Y-0. FBO against Y-0 turned Y-0 into resisstance and a drop back down to Y-1. Test of Y-0 from below and failed to clear that gave us more selling until 100% absolute range expansion was reached. Closed the week below Y-0 and near midpoint.
Y-1/ B-0 support can kick start a squeeze higher towards B+1. Topping out below B+1 will set the stage for another leg lower below B-1.
Bearish down trend in force all week. 100% absolute range expansion led to a strong bounce. Closed the week near Y-1 and below midpoint.
Breaking above down trend line resistance points to a rush back up to B+1 and above. Failing to clear B-0 on daily closing basis will give us a drop back down to test B-1 and below.
Consolidation with tight range around Y-1. Closed the weekbelow Y-1 and near week low.
Waterfall effect points to potential drop down to Y-2 and Y-3 before support is found. Quick reversal back up above B+1 with Y-1 / B-0 support can lead to up drift with Y-0 target.
Ninja popped higher with upside target tagged as expected. Resistance at Y+3 keeping the range in check. Closed the week near Y+2 and above midpoint.
Strong resistance at Y+3 /B+1 zone. Big sideway consolidation between B+1 and B-1 likely until weekly and monthly support / resistance line up. Breaking below B-0 points to quick drop to B-1.
Consolidation at 50% range found support above Y-0 and sent this back up to Y+1. Closed the week near Y+1 and above midpoint.
Y+1 resistance points to potential bull flag on 4 hours until higher timeframes catch up with the trend change. Clearing B+1 quickly points to melt up play for Y+2 above.
Short squeeze back up to Y+1 as expected filling the open gap above. The move was so dirty that it was erased right after and led to spike reversal for Y-1 play. Tagged Y-1 at the end of the week. Closed the week below Y-1 and near week low.
Outside reversal week is bearish for downside range expansion. Until normal target B-2 is reached there is no support.
Sold off from resistance mentioned last week down to Y-2 target. Closed the week below Y-1 and near week low.
Breaking below B-1 without testing B-0 first points to waterfall effect in play with target at B-3 and below.
ES got the down channel resistance and sold off from there. Monday low acted as support for one day and gave in on 2nd test. Closed the week below Y-0 and near week low.
Bear flag on daily points to breaking below B-1 will give us B-2 and B-3. Holding B-1 will send ES back up to B+1 again to continue the bear flag formation.
Consolidation week at 50% range. Closed the week beow Y-1 and near week low.
Quick drop to B-2 points to weekly range expansion down to Y-3 potential. Grexit will continue to pressure cable all the way.
NQ attempt Y+1 and produced a FBO on daily. This gives us Y-1 target. NQ sold off to 100% absolute range and tried to bounce. Closed the week below Y-0 and near week low.
Y-0 / B-0 strong resistance until proven otherwise. Breaking below Y-0 points to very steep sell off in the making as there is no support on monthly below this 4300 zone until 4200 and below.
Quick Access to Weekly Outlook Over Last 3 Months
2016 May 23 – 2016 May 27
2016 May 16 – 2016 May 20
2016 May 9 – 2016 May 13
2016 May 2 – 2016 May 6
2016 Apr 25 – 2016 Apr 29
2016 Apr 18 – 2016 Apr 22
2016 Apr 11 – 2016 Apr 15
2016 Apr 4 – 2016 Apr 8
2016 Mar 28 – 2016 Apr 1
2016 Mar 21 – 2016 Mar 25
2016 Mar 14 – 2016 Mar 18
2016 Mar 7 – 2016 Mar 11
2016 Feb 29 – 2016 Mar 4
2016 Feb 22 – 2016 Feb 26
2016 Feb 15 – 2016 Feb 19
Each symbol has its weekly STOPD levels drawn on the chart,
- Thick blue lines show the range of the week they are drawn on
- Thin blue lines are the midpoint of the weeks
- Thick orange lines are 100% expansion levels away from the range of the week
- Thin orange lines are the midpoints between thick orange lines and the thick blue lines
- Thick red lines are 200% exapnsion levels away from the range of the week
- Thin red lines are midpoints between the thick red lines and the thick orange lines
The last 2 weeks on each chart has the weekly STOPD levels labelled,
- The week just finished has its labels in blue. B-0 is the midpoint of the week. B+1 is the high of the week. B-1 is the low of the week. B-2 is the 50% downside expansion of the week.
- The prior week has its labels in yellow. Y-0 is the midpoint of that week. Y+1 is the high of the week and so forth.
Following is an example chart showing the forex pair USDJPY in 4-hour resolution.
Related research and articles on using STOPD weekly price levels.
Euro Dollar Price Action Biases At Weekly Extremes
British Pound Price Action Biases At Weekly Extremes
More research articles available in our Latest Articles section.