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" be good, and if you can't be good, be good at what you are
doing" M D
16th March 2009 - 00:02am
SPECIAL MESSAGE sent 00:02 Sunday night
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I will send out a report tomorrow morning on Sterling Dollar. I am compiling the charts and am watching the night session. Both the daily and the 4-hour trend is down, but the rationale for a bounce is still there. In the meantime, please view the other candidates.
There will be a test message sent at 07:50am at the latest in the live trading room.
Euro Sterling was on our focus list last week. The thinking here is that EUR GBP is retracing after hitting the two purple lines (a 1.618 and a 78.6%), and we are waiting for a signal to BUY the pair.
You heard me talk about "parity" in this pair forever. It looks like it is underway, and that a sizeable move is coming this week. The red lines is an attempt to show you how we see the move pan out.
The pair shot through resistance at 0.9070. That looks impulsive, meaning that the current move lower is a retracement.
I am watching Wednesday morning for a potential move time wise, so I may buy any weakness Tuesday night. I will keep the LIVE room members alerted.
The debate is raging whether market has made a sustainable low to put in a decent rally, or IF there is still one more leg down. I have attached a chart, which shows the potential for that final 5th move down. The verdict is still out, but the market is extended enough to pull back for half a day.
Market closed at 754 on Friday. The 61.8% retracement is at 790.
There are two dates to watch. The 19th looks like a key date, which is a Fib time extension. Also, you may or may not believe in Gann and his seasonal dates. Either way Equinox is coming up this week. So there you have it.
I once spent a whole day looking through the Dow charts for changes in trend on Equinox over 100 years. I didn't find anything to suggest that it was significant, but at least now you know!! Equinox is the 21st.
I can't tell you what is going to happen after the Swiss Central bank had their fingers in play on Friday, BUT if we get back down in the "danger zone", and we break down from the there, then this pair will disappear off the page to the downside!!
Put it on the watchlist!!!
TRADE ALERT 10:14am
Bought Dollar yen in the live trading room at 98.10. Stop has been moved to breakeven now. All done in real-time..
ANALYSIS
