Inside technicals and chart patterns by Raghee Horner, trader and author at Raghee.com
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The USD/JPY broke down from the patterns that were highlighted in yesterday’s post.
Today the market found support at 114.00 (the low on the 20th was 113.96) and this was a terrific downside follow through for the breakdown but we don’t want to stay in one gear -we have to be able to notice when the market is shifting again.
Click here to read the rest of this post and see the charts set ups here.
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Yeah…we all know who got a lifeline thrown to them…the brokers. Christmas in September. Agree with the 50 basis point cut or not — I mean we’re traders, not policy makers — just play the price action my friends!
I hear a lot of whining, a lot of armchair quarterbacks…whatever. Look at the opportunities instead. I trade it all: forex, futures, and stocks.
I play reaction, I don’t try and predict it.
Let’s look at the brokers.
This chart is ready to break, not there yet though so wait for price to break up through resistance.
This 240 minute chart shows the resistance play. Prices have broken up through 200.00 and the past double top has been broken. Sweet! Look for 200 to act as support here.
Lehman broke out today but I had to show this set up from Autochartist. it just doesn’t get much better than an asymmetrical triangle like this one as price run up through 60.25 - resistance is waiting at 64.50 and 66.00, so heads up!
Ok so this play is behind us but I just had to share another great chart pattern set up. This triangle broke from congestion and is on it’s way to the 70.00 upside prediction region.
Hello Everyone, this is Tony from Autochartist U. I just wanted to get a new update. Here’s look at a few set ups in front of today’s 2:15pm EST decision on rates.
As the U.S. Dollar pushes lower this morning through the 79.50 level there is a slight bounce to just above the 79.50 which tells us that this is at least a pit stop for the Dollar before we wither bounce up to the 80 level or down towards 20 tick minor psychological level support. The easiest way to measure U.S. Dollar movement in between the "00" is to watch the 20, 50, and 80 price levels.
The crude oil market is still being traded heavily as yesterday’s OPEC press conference and today’s inventory number have traders testing the previous high at 78.75 by pushing higher to 78.99 and just a penny shy of the 79.00 psychological level; however price promptly pulled back from this level.
The market is in an uptrend as you can see from the angle of the Wave although the trend is not exceptionally strong or established on the daily chart. This leaves the price action wide open for a potential short off resistance between 78.75 and 79.00.
Check out this month’s EZ2Trade Software lessons at http://ez2tradesoftware.com/september.html
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The market is looking ahead to tomorrow’s data and and Bernanke and it’s unlikely we’ll see a sustained breakout from the current range in the U.S. Dollar Index. The U.S. Dollar is bouncing within a 20 tick range just below the breakdown through 80.00.
This range has a low of 79.80 and prices seem to be settling quietly within this narrow channel.
The majors are trading in range-bound patterns like the GBP/USD 60 minute chart.
The weakness of the U.S. Dollar is pushing the USD/CAD lower as the Canadian Dollar strengthens.
The AUD/USD is a laggard as compared to the correlation with the U.S. Dollar and gold.
Try a 21 day trial of Autochartist to get alerts to patterns just like these in the forex, stock, and index market at http://www.autochartistu.com