November 1, 2013

 
 
  • EURUSD Daily chart shows price nearing previous resistance zone which may act as support.
  • Second chart also shows price near rising support line.
  • Weekly chart shows price near 200 Week SMA.
  • ES Descending Triangle pattern
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  • ES one hour chart in a descending triangle pattern. For bears price must sustain below 200 Hour SMA for a bigger down move to happen. The ascending triangle on the left side has done well.
  • For bulls of ES price must trade above the hourly cloud.
  • SPY Analysis after closing bell
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  • Daily RSI and MACD suggests weakness But price yet to confirm the sell signal.
  • Second chart shows price above crucial resistance line. Price falling back below this line may give a bigger fall. 
  • ES one hour chart shows bulls trying to hold above crucial support zone. Price is testing the 200 period SMA in hourly chart which is giving support for now. Hour chart also shows a bearish head and shoulders pattern.
  • SILVER False breakout
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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