Yet the FTSE Marubozu's high was taken, suggesting it could be a Wedge false breakdown.
FoN
FoN
Simplicity in TA
- Thread starter Xspurt
- Start date
Fri staged a bit of a bounce on strong support to close up on a 60m buy signal. Late on Friday on danger days are moves to watch out for but this one is trying up.
This intraday pattern tends to have a pull back before the real move down sets in and the 4hr is trying up. Intraday bounces are easier to determine Tue - Fri than Mondays open after the weekend break when anything can happen.
The trade would be short on the break down on early Friday and if trading intraday take profits before the 123. If trading EoD then hold short.
The transports have a weekly engulfer type signal and tends to lead the Dow. (Red line is monthly resistance)
Interesting observation on Mish's...
As I have been telling you recently, there is some unprecedented data coming out in petroleum distillates, and they slap me in the face and tell me we have some very bad economic trends going on, totally out of line with such things as the hopium market - I mean stock market.
This past week I actually had to reformat my graphs as the drop off peak exceeded my bottom number for reporting off peak - a drop of ALMOST 4,000,000 BARRELS PER DAY off the peak usage in our past for this week of the year.
I have added a new graph to my distillates report, a "Graph of Raw Data" to which I have added a polynomial trendline. You can easily see that the plunge is accelerating and more than rivals 2008/09 and in gasoline is greatly exceeding the rate.
An amazing thing to note is that in two out of the last three weeks gasoline usage has dropped below 8,000,000 barrels per day.
The last time usage fell that low was the week of September 21, 2001! And you know what that week was! Prior to that you have to go back to 1996 to have a time period truly consistently below 8,000. We have done it two out of the last three weeks.
http://globaleconomicanalysis.blogs...lysis+(Mish's+Global+Economic+Trend+Analysis)
Interesting observation on Mish's...
As I have been telling you recently, there is some unprecedented data coming out in petroleum distillates, and they slap me in the face and tell me we have some very bad economic trends going on, totally out of line with such things as the hopium market - I mean stock market.
This past week I actually had to reformat my graphs as the drop off peak exceeded my bottom number for reporting off peak - a drop of ALMOST 4,000,000 BARRELS PER DAY off the peak usage in our past for this week of the year.
I have added a new graph to my distillates report, a "Graph of Raw Data" to which I have added a polynomial trendline. You can easily see that the plunge is accelerating and more than rivals 2008/09 and in gasoline is greatly exceeding the rate.
An amazing thing to note is that in two out of the last three weeks gasoline usage has dropped below 8,000,000 barrels per day.
The last time usage fell that low was the week of September 21, 2001! And you know what that week was! Prior to that you have to go back to 1996 to have a time period truly consistently below 8,000. We have done it two out of the last three weeks.
http://globaleconomicanalysis.blogs...lysis+(Mish's+Global+Economic+Trend+Analysis)
I have the pleasure of trading Forex every day with a small group of excellent traders scattered around the world. It's a great source for well connected reports that sometimes precede the media spotlight and we are in a very dangerous period.
First in the East and now in the West, leave has been cancelled, bases have been put on the highest alert levels, supplies are being rushed into stock piles and we are the closest to the outbreak of a major war that I have ever seen.
Meanwhile the Euro lurches from one bad news event to a bigger one and Greece could be the least of their worries.
As I've said it's going to be a traders year. However I am doing some mentoring so I'm not sure how much time I will be able to put into this thread and I have been skimming it too much as it is. I hope to be able to catch the major moves but I might be restricted to weekend posts if even that.
I hope some of you have been able to pick up a few principles that help your trading.
First in the East and now in the West, leave has been cancelled, bases have been put on the highest alert levels, supplies are being rushed into stock piles and we are the closest to the outbreak of a major war that I have ever seen.
Meanwhile the Euro lurches from one bad news event to a bigger one and Greece could be the least of their worries.
As I've said it's going to be a traders year. However I am doing some mentoring so I'm not sure how much time I will be able to put into this thread and I have been skimming it too much as it is. I hope to be able to catch the major moves but I might be restricted to weekend posts if even that.
I hope some of you have been able to pick up a few principles that help your trading.
News from Greece confirmed the technical picture so far. But of course early to tell the real game plan yet, until European traders wake up to trade and then guys across the pond join them.
http://www.cornixforex.com/2012/02/eurusd-gapped-up-on-news-that-greece-passed-austerity-bill/
Xspurt, here's some food for thought re one of you earlier posts:
http://johngaltfla.com/wordpress/20...nst-israel-and-the-united-states-in-one-hour/
http://johngaltfla.com/wordpress/20...nst-israel-and-the-united-states-in-one-hour/
The Eur performs as expected if you have been following this thread. Very simple TA: a Rising Wedge break down and pull back.
The weekend PA allowed me to expect the move down and knowing this pattern usually reverses allowed me to call for a 200 pip move up from the lows as soon as long was signaled on the lower time frames.
Same thing happened in the Dow except it was a little more complex as intraday PA formed a double bottom on clear 60m support pushing PA a bit higher.
All very simple: see the pattern develop, look for the signal, take the trade.