Piter's Journal

entry 123.35

exit 123.63 [28+ pips]

LONG 123.98

EXIT 123.12 [14+ PIPS]

short @ 123.96

Hello, is this your next trade setup to short @ 123.96?

nop bro, I am still in current one

do u think its rebounding now, what is the closing target and the your SL?

Closed BE+20 [SL]

Iam going to post few market analysis for last week and outlook for next week:

 

1. NASDAQ
2. S&P
3. DJII
4. GBPUSD
5. USDJPY
6. GBPJPY

We had a nice raly, we close above 50ema and 90ma on daily..

BUT, some indications tells us that is too early to jump in Bulls train:

 

1. We are in masssive Bear market, some retracement are very natural
2. after we touch 1020 level, we are in consolidation fase, forming symmetrical triangle pattern, which in strong down trend are only continuation patterns, means we do have to expect break to downisde
3. We are testing last HI, formig a double top
4. Rejecting from CCI 0 line
5. Double Bearish divergences, Hidden and the bear Divergance [blue]

We have to see the next market development, but i am sure that is too early to jump in Bulls camp. We may see a rejection from the top and expected break to downside.

If we close above next 2 days, and the strong trend continues, that I am going to revaluate my postion and look for some bull positions..

Good to see you are still posting brat...

With S&P almost the same, consolidation. I am expecting:

 

1. Hidden Divergence to continue to play out [green]
2. Testing the previous HI and daily 50 ema, forming the double TOP
3. Rejecting the 50 ema level, and continue to break the Lower TL, or
4. breaking the 50 ema level, taking the last HI, and test the upper one and Daily ema..
5. any rejection form this continuation pattern, would simply show us only one way, breaking the pattern and BEAR trend continuation

Dow Jones Industrial Index:

 

1. Strong Bear Trend
2. consolidation zone
3. forming continuation pattern [symetrical Triangle]
4. below daily 50 ema and 90 ma
5. Hidden bearish divergence

I am expecting to test 50 ema, and 90 sma with the upper TL of the wedge on possible break the previous HI. and then turn to down side with breakout and creating NEW LOW

GU, one of the best characteristic of GU is that she is respecting 50ema. That is why we are having the same on GY.. You can open your charts.. daily, weekly, 4h, ect.. always the same...

when we have an impulse move towards the 50 ema, always there is a bounce, when we are in consolidaton mode, chopping (the price is averaging very quck) then we can see few crosses above/bellow the line..

Just posting my daily GU.. no further comments needed.!
Attached Thumbnailshttp://www.forexfactory.com/attachme...1&d=1234108255

EW and my count..

USDJPY, and another market mirror.

 

1. Bear trend
2. continuation pattern [symetrical wedge]
3. testing the Upper TL

I am expecting a bounce and break to down side..

BREAKOUT:

 

1. Rising wedge breakout -> end of rising market
2. Bearish CCI divergence
3. testing the lower chanel line with 50 ema [4h]
4. possible break to the down side
5. Targets.. [TBA]

Charts:

EUR

What's up Pete?