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USDJPY getting close to support zone

2010 Sep 13 Mon 9:22:51 | by Lawrence

USDJPY on a multiple year chart, has its support zone built in 1995. The ultimate low at 80 or below, if touched, will not likely hold and that could point to a minimum of 200+ pips slide thru before a bounce can be staged. Thus, if USDJPY is going to bounce, the huge 1-2-3 buy signal at weekly level off 82.30 - 82.50 should hold and leading to a reversal of this down trend. Remember the jawboning sessions from the Jap officials? They did not act at 85 because there is not enough counter parties to squeeze. This time, be careful with your short positions once Yen dip below 83. 82-83 zone is a much better area to intervene comparing to 85 - Japanese government and/or BOJ has a good track record in short term intervention success.

EURAUD Next Week Outlook

2010 Sep 12 Sun 23:42:00 | by Lawrence

This pair caught my attention because it is landing right at the 100% expansion level based on previous week range (left side blue lines).

Buying on weakness in the beginning of the coming week should be a nice scalp setup as it is a counter-trend trade. The target is the obvious previous week low level marked by the red zone.

Once the bounce is completed at previous week low zone of 1.4000 area, and that a sell setup on hourly present itself, that would be a very good low risk entry for a retest of the current week low.


Windows Live Writer

2010 Sep 11 Sat 20:49:00 | by Lawrence

Testing remote posting to the site.

With WLW, I can now post much more quickly as I do not need to take care of the formatting manually.

And it is much easier to edit a post, adding screenshots, and then upload the complete post from my laptop.


2010 Sep 9

Initial feedbacks so far - everyone screaming for charts ... but wp is not quite there yet in terms of real-time posting usage. Will need to find a solution. ...

2010 Sep 8
Jewish Holiday (Rosh Hashanah & Yom Kippur)

From Sep 8th to Sep 18th, trading volume will decrease visibly due to the Jewish holidays. Tight range across many markets is expected. ...

No comment yet

2010 Sep 7
SPY ES Dow poses to retest swing high

First tag of previous quarter 50% almost always result in retracement, that is normal. How we got there - a strong move from previous quarter close in one move. That implies a retest of the swing high is in order. SPY and ES previous week cl ...

2010 Sep 3
SPY Daily Bullish

Just like GOOG, SPY is holding above previous quarter close as the support level. That makes the July low a w. spring on weekly/monthly. No resistance until after July high is tagged. ...

2010 Sep 3
Google Daily Chart Bullish

Google holding previous quarter close from this down leg. There is no significant resistance until it gets to July close to high area. $20+ potential. ...

No comment yet

2010 Sep 1
ES gap fill above

50% of previous week tagged. Gap fill above in progress now. To invalidate the setup ES will need to close below the 50% area. ...

2010 Aug 27
ES 50% of week in play

Closed the week at around the prior week low. Tricky. Next week a pullback to 50% of week range will tell the tale. If that fails to act as support, week low will be tested quickly. ...

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