- 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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Previous week close acted as support gave us a clean run up to Y+1 and then 100% absolute range expansion. Closed the week near Y+1 and above midpoint.
As noted several weeks ago, the weekly support underneath is strong and that it is more likely we see a push towards year high for a retest. If B-0 / Y+1 zone acting as support, a run towards 1.35 and above is likely.
Breakout play to the upside gave us Y+2 and above. 100% absolute range expansion capped the upside. Closed the week above Y+2 and near week high.
No sign of weaknesses yet as 30-min timeframe uptrend is intact. A quick drop back down to below B-0 will induce more selling with target B-2 potential.
ES pushed into Y+1 and Y+2 zone as expected. So far no sign of reversal though. Closed the week near Y+2 and above midpoint.
Test of B+1 will tell us if this leg up is over. Downside target B-1 and below.
Channel breakdown play worked out perfectly with Y-2 target tagged. Closed the week near Y-2 and week low.
Potential weekly down trend in the making. B-0 / Y-1 resistance must hold for further downside push towards B-2 and below.
Previous week close support helped sending ninja higher. Consolidation week actions since. Closed the week near Y+1 and midpoint.
Consolidation around Y+1 after a strong rally is bullish. As long as B-2 / Y-0 holds up, retest of B+1 likely.
Bearish expectation played out. Struggled around Y-1 / 1.10 round number before giving in by end of week. Closed the week below Y-1 and midpoint.
FOMC week will decide how far Euro is going to drop. Target of 1.08 still in play.
Consolidation around Y-0 all week. Closed the week below Y-0 and midpoint.
Structure of inverse head and shoulder intact but the formation has weaken. Breaking below B-2 points to weekly down trend continuation.
Consolidation week moving around Y+1. Closed the week near Y+1 and midpoint.
Y+1 acting as resistance if give us a test of Y-0 / B-2.
As expected NQ pushed into Y+1 / Y+2 zone. Very quiet option expiration week though. Closed the week above Y+1 and midpoint.
Tight range levitation last week gives us a very powerful breakout setup. Both direction has about equal chance to happen so trade what you see, not what you think.
Dow pushed towards Y+2 and gap thru. Tagged 18500 and stalled. Closed the week above Y+2 and midpoint.
Cannot time the end of a parabolic move but if it ending, the initial drop can be very sudden. Be ready for a snapback down to Y-0 area where this last push up started.
Y+1 support in the beginning of the week started a stop hunt to the up side. Y+2 tagged and ES went sideway since. Closed the week near Y+2 and above midpoint.
Tight range week can easily produce a whiplash move if B+1 /B+2 zone is proven strong resistance. If so downside target Y-0 / B-2 in play.
Expectation of very strong reaction materialized. Previous week close acted as support and sparked a strong push of 200% absolute range expansion to the upside. Closed the week above Y+2 and midpoint.
The Brexit crime scene finally tagged. B-0 / Y+1 very strong support until proven otherwise.
Cable held Y-1 and cleared Y-0 for its Brexit low test. Since then Y-0 support sent cable higher until 100% absolute range expansion was reached. Closed the week above Y-0 and near midpoint.
Potential inverted head and shoulder in the making if B+1 is cleared with target B+3. As long as B+1 is acting as resistance, continuation to the downside is still likely.
FBO against Y+1 gave us a drop back down to Y-0 and then lower. 100% range expansion stopped the down move. Closed the week near Y-0 and midpoint.
Same problem like past several weeks that Loonie is still range bounded. Until we get a move outside of this range, there is no directional play.
Channel play as expected. Pushed to Y+2 and stalled. Closed the week near Y+1 and below midpoint.
Channel break down will give us at least B-2 and likely lower.
Quiet week for Euro. Previous week close support created an hourly channelup drift. Stalled at previous week resistance zone. Closed the week below Y-0 and near week low.
Inside week points to breakout mode. So far weekly ledge in place so continuation down is the more likely outcome with target below 1.08
Quick Access to Weekly Outlook Over Last 3 Months
2016 Jul 25 – 2016 Jul 29
2016 Jul 18 – 2016 Jul 22
2016 Jul 11 – 2016 Jul 15
2016 Jul 4 – 2016 Jul 8
2016 Jun 27 – 2016 Jul 1
2016 Jun 20 – 2016 Jun 24
2016 Jun 13 – 2016 Jun 17
2016 Jun 6 – 2016 Jun 10
2016 May 30 – 2016 Jun 3
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
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.