November 26, 2010

  • USD/JPY Weekly chart showing recovery from historic lows.
  • But the current up move may find resistance at 85.80 and if manages to close and trade above this level this pair can give 88.16. 
  • Anything above will be possible only if the pair breaks out above the strong weekly down trend line.
  • SPY chart with a right angled broadening pattern.
  • Resistance is at 120.39. Support for today is the day's low at 119.03
  • If today's gap is filled the bullishness can sustain only if price closes above 120.39 otherwise selling pressure will take spy down.
  • Statistics of right angled broadening pattern shows a larger percentage of upside breakouts.
  • First chart shows a big triangle formation developing in ES four hour chart which will give direction soon.
  • Next chart shows the ichimoku cloud acting as resistance confirming that sell on rallies is a better a option until the trend changes completely.
  • 1170 and 1205 are important levels to watch out for.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore