US Dollar showing signs of distribution as evidenced by accumulation in E6 Euro, J6 Yen and A6 Australian Dollar. #1 Short term excess supply signal has been flashing on/off today signalling a high probability of more selling. Note: no new cyclical support or resistance levels have calculated and printed at this time. This distribution will most likely take a...
Accumulation. Near term swing low is within sight. $DX_F DXY US Dollar is encountering supply from $88 - 92 at the same time. $J6_F $USDJPY Japanese Yen is near support. All the major currencies are displaying a near term change in trend. More confirmation needed. Seeing early signs.
Yen approaching support from 2007. Short covering and accumulation taking place. DX US Dollar shows corresponding distribution.
J6 Japanese Yen futures... neutral currently then long/bullish at $0.856. This represents support from 2007 and corresponds to resistance in DX DXY US Dollar Index.
Please see chart notations. This is a continuation of a previously published chart. Pitchforks are drawn on trend changes marked with The Larks LMA indicator. The last LMA trend change marked allowed for the upward pitchfork to be drawn. Current price is still within the green bullish price action box but will continue to sell off and slide to the 137.45 price...
The one that got away. Your trade plan is important and we will not get in to early or chase a trade. We are patient and unfortunately we will have to wait this free fall out. We were looking for more of pullback to establish the position and didn't get it. That's trading! You can't get them all. If you've been short CONGRATS! The next round of beers are on...
The J6 is definitely weak and now has broken the April lows. This doesn't fair well for equities. If it stays below the most recent swing high then we could see more upside on the equities. The J6 didn't pull back far enough for us to initiate a short so we will keep looking for entries.
Will this level hold? The J6 has been dancing around for while now and I am sure it has eaten many accounts. However, now she has come down to test April lows. From this point we will nibble (small size) on any bounces looking for a break (and hold) below the April lows.
The J6 has broken down...but is this yet another head fake? We are not in this trade and choose to sit on the side lines. If you look at the weekly chart we are technically not out of the woods. We will watch for any reversals back into the chop...they could present a retest of the upper channel. For now we watch.
LMA 0.886 swing points used for Fib Time extension, Fib pitchfork and Fib Retracement tools. According to this chart, price has just surpassed the resistance of the 2.618 Fib Time extension ((change in trend emminent)). Downtrend Fib pitchfork uses the LMA swing points and the upward Fib pitchfork uses the last swing points of LMA 0.577.
The 6J is still dead. The "experts" think they can guess the direction. Most got stopped out on the most recent break lower. Head fakes will kill your P&L. Don't let the pundits lull you in to a stupid trade. We are still on the side lines with the $J61!. There is NO edge. Be smart and keep your powder dry while waiting. There are better trades available.
This isn't a new trade, I've been on and off the J6 train for awhile, some profitable some not. My last one was a .975 and i've been holding since. All sorts of methods point to the same conclusion- breakout is imminent. Earlier someone did a webinar suggesting that an upthrust was extremely bearish. Not the case. First I would look for the background, then I...
The 6J is officially dead in the water. We will avoid this until we see defined breaks. See our last posts for break areas. If you think you "must" trade it...understand it's going to be choppy ride and it will most likely eat your trade account. Be patient and find a better instrument to trade. Keep your powder dry.
The 6J has broken out (minor) to the downside and we are at the go-no go area. Aggressive traders will sell this area. We are being very cautious due to the recent false breaks. We choose to sit this out until we see a better break. What does that look like? If we break 9725 on the down side we will nibble (very small) to the downside. If we break 9920 on...
The 6J is still flat lining. See our past posts. While this chart hints of upside movement we are waiting for the 6J to tips its hat. Remember...guessing is not trading!