Hi guys, this is a daily chart view of the market barometer. I'll try and post one of these each week. We don't always get a lot of useful info from the daily barometer, but today we do. The JPY is extending up. Remember, this is a 'daily' time frame (think slow motion). The JPY has a LOT of room to run to the upside before it would be considered over extended. The 4 hour view should tell us when the JPY is ready to consolidate longer term. Until then, expect more JPY strength.
The other currencies are headed toward unity (i.e. the 50 level) and they are all currently inside the 60-40 area. Big moves from all of these currencies are building. We don't know when, but they are coming. Look for key price area breaks. We should see some long sustained trends over the next few weeks. Woot!
This is not investment advice, just my opinion(s). Please trade accordingly.
Ive noticed the EUR/JPY does a dip and bounce about every 7 days. This could produce some great targets if the trend continues. It seems to happen around 5-7am EST. The barometer is great for predicting these thanks for posting. Ill keep my eye out for your update. EUR/JPY is approaching the bounce zone again,(early) considering its on a long term downtrend i shy away from going long without the Barometer as proof of concept.
Since the market is so close to closing I wonder if sunday open will produce a bigger gap?
Your the man riff. Thanks buddy
riffster21
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@steveb4088, Great trading idea thanks. Yeah, I never trade after 11am EST on Fridays. I do not like keeping positions open over the weekend unless it is a long term position.
steveb4088
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@riffster21, This chart shows where my potential buy zones are located. Hopefully this trend will continue for another round. I just wanted to share this idea with you. Im sure you probably have a plan already. This is just something I picked up from learning how your Barometer works. And you are right JPY pairs are falling pretty steady right now
Since the market is so close to closing I wonder if sunday open will produce a bigger gap?
Your the man riff. Thanks buddy