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The Peso continues to decline this month. Since the 10% crash from January to February, the long term trend is in a downwards channel. However I believe that it will once again break below the channel and continue to fall. (Click and drag on the price axis to move the chart).
Looking at more short term profits:
A Head and Shoulders pattern is forming on the ...
As I said lately, this will continue going down till it reach the support line. In fact I won't be surprised if this support get pierced and goes in a bit of a sideways then down again, 'cause the Philippine economy is at its prime in this generation, and local media even see risk that this economy would overheat.
PSE :) :) :) :)
The higher the value of USD to PHP means that the economy of the Philippines is going down.
People tend to think that if the exchange rate is higher, the better the economy of the country.
The worst performing value for the PHP was recorded on April 18-19, 2004 Asian Session. And marked a high @57.50/72 which later pulled back to close 55.75. And marked as the worst devaluation of the PHP against the USD. Which began drifting thereafter. The pivotal price recovery started @40.15 dated Jan 20, 2008 with a 2nd higher low 42.45 in Nov 11.08, 2010 and ...
How I trade this?
More on a counter-trend/trend following strategy with
the aid of Advance Chart Pattern for price direction (bias):
Counter-trend strategy (15mins - 1 hr TF):
-2618 strategy (double top/double bottom and 61.8% Fib Retracement for ENTRY)
Trend ff. strategy: (15 mins - 1 hr TF)
-786 strategy (formation of HH/HL or LH/LL and 78.6% Fib Retracement ...
There is a chance for price action to retest price at the green zone with that, CD leg of a potential bearish butterfly pattern is formed. Looking for short setup on the HR1 or HR4 time frame. But as of the moment, I am looking for long (in lower TF) and TP at the potential S/R zone.
Just broke out from a potential HEAD AND SHOULDER pattern. There's a short opportunity on the lower TF. Will gonna ride the fall of price when there's a possible setup. Then turning LONG waiting for a confirmation that the trend will trend higher. Looking for a 2618 or 786 strategy for LONG There's also a potential CYPHER pattern incase price broke the B point ...
The yearly support at 6282.87 was strongly held last week. US equities also made a strong finish last Friday, which could potentially give a positive result on Philippine equities come Monday, probably up until the Chinese New Year.
I'm still bearish with the PSEi, though. The 50-day EMA is now being tested. Let's see if this resistance will be held.
Probably the strongest index name in the PSEi, MER has a potential to hit the 340.21 resistance target.
But considering the volume profile (2014 to present), the point of control is priced at 267.97
And adding to the fact that the PSEi is still on a downtrend, this makes me cautious of buying in on the pivot set at 306.13.
In any case, I'll buy some units at ...
The odds are still on the downside.
In fact, it has broken the second line of support at 6282.87
I suggest staying away, at least for now.
Let's see if the third line of support at 5696.97 will hold.