No change here again
as yesterdays low at
124.44 and
subsequent rally
proved the point.
“The range game
appears to be
continuing to work
very well here with
shorts being placed
below 127.89 and
longs being placed as
we approach 124.43.
The key here is that “if
it isn't broken, don't fix
it”. There is some
flexibility on the above
mentioned resistance,
being a long term
Fibonacci level.
However, a pretty tight
stop would be required
on the support as a
print below here would
almost certainly mean
a test of the much
more significant
123.43 level.”
Indicators in Play
Fibonacci introduced his
sequence of numbers to
mathematics back in the
1200’s. These numbers
appear in all walks of life
but have an eerie influence
on trading. We use the 38.2
level as an indication of the strength of the correction or
indeed if the longer-term
trend has changed contact.
Summary
Fridays Comment: “All that needs to be said
here is covered in the
opening comment with
124.43 and 127.89 the
levels we will be
watching before getting
involved again. Overall
the Bears still have the
upper hand!”
Yesterdays Summary: “Theres no point
flagging things without
acting so we would dip
our toe here as we
approach 124.43 with a
very tight stop”.
David has been
analyzing and trading the worlds financial markets for the past 25 years. After an initial grounding with Mercury Asset Management and Warburg Securities he went on to set up his own brokerage operation in London. Since then he has appeared regularly on Bloomberg Television and been involved in providing analytics on behalf of some of the worlds major exchanges. He is also a member of the Society of Technical Analysts.
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