Long with SL break even +1
- #12,602
- Feb 27, 2009 7:37am Feb 27, 2009 7:37am
Anyone get any shorts at 98.50 area?
It came right up to it like we wanted, spiked up - went down, came to retest resistance and failed, classic sign of weakness and what we wanted.
If this down move holds, we should be heading towards 96. From there it could spike back up for retest, or really fall through hard.
It came right up to it like we wanted, spiked up - went down, came to retest resistance and failed, classic sign of weakness and what we wanted.
If this down move holds, we should be heading towards 96. From there it could spike back up for retest, or really fall through hard.
- #12,607
- Feb 27, 2009 10:16am Feb 27, 2009 10:16am
Very key level, that was nice fight between supply and demand
Let's see whose gonna win...
If the close was in the 97.60 area, that would be confirmation for down - IMO.
However, it closed above the close of the candle before it. The next candle will probably come down to test it - watch the next candle closely.
- #12,613
- Edited 11:52pm Feb 27, 2009 11:42pm | Edited 11:52pm
- | Joined Dec 2008 | Status: Trader | 1,395 Posts
- #12,614
- Edited 11:52pm Feb 27, 2009 11:47pm | Edited 11:52pm
- | Joined Dec 2008 | Status: Trader | 1,395 Posts
I'm also seeing it above 100.00 in near future. Beacause of simple fact, there was perfect double bottom formation on Daily, and it easily break highest point. So from double bottom prediction it is 102.** area.
But now I think there will be retracement to about 95.50 area.
There is also one very interesting thing on S&P500 which is connected with the USDJPY. If we look ONLY on technical analysis then S&P500 which high was at 1576, and low at 768, difference is 808 points. So with this double top formation it should go to -40 points
.
But now I think there will be retracement to about 95.50 area.
There is also one very interesting thing on S&P500 which is connected with the USDJPY. If we look ONLY on technical analysis then S&P500 which high was at 1576, and low at 768, difference is 808 points. So with this double top formation it should go to -40 points
.
- #12,617
- Mar 1, 2009 1:29pm Mar 1, 2009 1:29pm
- | Joined Aug 2007 | Status: Say what ? | 1,888 Posts
Magic,
I had to laugh when I see this.
What's almost frightening about it though is that looking at the shares of some of the
(formerly) largest US institutions now compared to a few months ago, it seems that "minus 40"
might be the next level of support.
Granted, I would probably buy 1/2 size position there.
But seriously though, the US stock market has been effectively CUT IN HALF.
Now, if this is a price area that should attract some accumulation, where are the buyers ?
Not too many sure things in this business, but one thing for sure:
Either this is a once in a generation opportunity to get in, or the last chance to get out.
In retrospect:
Nikkei 225 peaked (intra-day) at 38,957.44 on 12/29/1989.
Nearly 20 years later, the most widely followed index of shares trades on the Tokyo Stock Exchange
stands some 80 % percent lower, as it has challenged and broken its March 2003 lows.
Of course the world is different now than it was in 1989. Sure it is.
Well how about a more recent comparison of price action for Global equities ?
The Topix 100 is also in the toilet, down some 60% off it's 2007 highs and looking sick.
The rest of Asia is in similar trouble.
And these are industrial nations. They actually produce stuff with output that can be measured.
What can be the fate of consumer driven western economies if the consumer has
decided he/she doesn't believe the hype anymore ? OMG the doom ! Now what ?
Okay, so I'll get long at -40, but with a tight stop !!!
I had to laugh when I see this.
What's almost frightening about it though is that looking at the shares of some of the
(formerly) largest US institutions now compared to a few months ago, it seems that "minus 40"
might be the next level of support.
Granted, I would probably buy 1/2 size position there.
But seriously though, the US stock market has been effectively CUT IN HALF.
Now, if this is a price area that should attract some accumulation, where are the buyers ?
Not too many sure things in this business, but one thing for sure:
Either this is a once in a generation opportunity to get in, or the last chance to get out.
In retrospect:
Nikkei 225 peaked (intra-day) at 38,957.44 on 12/29/1989.
Nearly 20 years later, the most widely followed index of shares trades on the Tokyo Stock Exchange
stands some 80 % percent lower, as it has challenged and broken its March 2003 lows.
Of course the world is different now than it was in 1989. Sure it is.
Well how about a more recent comparison of price action for Global equities ?
The Topix 100 is also in the toilet, down some 60% off it's 2007 highs and looking sick.
The rest of Asia is in similar trouble.
And these are industrial nations. They actually produce stuff with output that can be measured.
What can be the fate of consumer driven western economies if the consumer has
decided he/she doesn't believe the hype anymore ? OMG the doom ! Now what ?
Okay, so I'll get long at -40, but with a tight stop !!!
Maybe funny, maybe not.
When you look at this chart, if someone will say some time ago, that price break neck line in this big H&S pattern and price will go to "0" others will be
.And the target of H&S pattern some time later was reached
, and others faces looks like 
.Anything could happen.
P.S. If you know what was that company on the chart, that I think whole US economy looks very similar...
