If you look back into history, the most recent HIGH had been 1.30600 , Printed on 2009|03|09
This high of 2009 was violated recently on 2015|07|24 Price danced around this zone for a while, but managed to stay above it, and built a MODE of 18 solid days consequently.
Last Thursday, on FOMC day, this 18-day MODE got disconnected to the downside, and price is expected to down further but this seems failing
The erstwhile RESISTANCE of 1.30600 now seems a SUPPORT, as price got strongly rejected on FRIDAY,2015|09|18
Again, looking back over time, there's a MAGNETIC MODE at 1.3500.
THIS IS WHAT I SEE: Should we successfully jump above the current 18-day MODE, and more so, BO above the RANGE HIGH=1.3350, then 1.3500 is NEXT.
Comments
IvanLabrie
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great job. you have a keen eye my friend.
let's stay in tune with the markets.
have a great weekend.
moorekapital
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Thank you, my Boss
moorekapital
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Ok. Expectation met. We broke that 1.33500000. What next??? Now, Im not gonna chase any buy for now. I'll allow the herd to take the lead. I'll follow. But I'll follow in between. When several other herds have also taken their positions. Im looking at two possible scenarios = Indicated by the different colours of the arrows. Good Luck!
ElPatron.Y
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What if that candle behaves as a hanging man? Weekly bearish divergence still not confirmed, this might be it.
ElPatron.Y
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moorekapital
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Jesse Livermore (the greatest stock trader of all time) once said "We are paid to sit on our hands." This is true.....the market is obvious most of the time....if you zoom out far enough, and wait. We're definitely at a critical zone, and it would be interesting to sit on ones hands and let the market tell us where its going next
ElPatron.Y
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That is why I say it might be more a bear than a bull, because of the monthly hammer in crude oil also...
moorekapital
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I prefer taking hot zones off weekly, and narrowing it down to daily/4H for PA triggers. Check my 4H chart
moorekapital
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All we need is the right PA at these areas. I shall wait, and trade accordingly. I'm reaping pips with my blinds drawn to "what not and what not "
let's stay in tune with the markets.
have a great weekend.