Good morning everyone. Not much has changed. We continue to build value around the 1644 level. (Yellow, Zone -1). This should be expected as it is an important value area that needs to be resolved. It seems as though price is trying to move up out of this area but the action has been very tight and hard to read for me anyway. If we do move up, then I would target a move through 1695 to River at 1711 area. I would cover the long and wait here.
If you read through my posts in the journal, you may remember that I stated that price, like water seeks equilbrium. If price reflects the emotional state of traders at any given time, then it is reasonalbe to think that "traders emotions" need to return to equilbrium also. Price flows to River. The trick is know when it is going to happen. Like human beings, sometimes we take things to extremes before getting ourselves back in order.
I would still not rule out more downside, but price needs to push down below 1643 and through 1630 to get moving I would think. If we move down then target 1582 and then 1521. I also mentioned hunches, for some reason (I do not question why or rule it out as silly) I have a hunch that we are going to move down.
http://home.comcast.net/~downrivertr...SDCAD_2-20.PNG
Here is a closer look at the hourly levels. Remember, the magenta levels change every hour based on volatility.
http://home.comcast.net/~downrivertr..._2-20-2007.PNG
If you read through my posts in the journal, you may remember that I stated that price, like water seeks equilbrium. If price reflects the emotional state of traders at any given time, then it is reasonalbe to think that "traders emotions" need to return to equilbrium also. Price flows to River. The trick is know when it is going to happen. Like human beings, sometimes we take things to extremes before getting ourselves back in order.
I would still not rule out more downside, but price needs to push down below 1643 and through 1630 to get moving I would think. If we move down then target 1582 and then 1521. I also mentioned hunches, for some reason (I do not question why or rule it out as silly) I have a hunch that we are going to move down.
http://home.comcast.net/~downrivertr...SDCAD_2-20.PNG
Here is a closer look at the hourly levels. Remember, the magenta levels change every hour based on volatility.
http://home.comcast.net/~downrivertr..._2-20-2007.PNG