Damion's Tribute

Charts for 19th July 2009

Charts for 19th July 2009

Charts for 19th July 2009

Digging the charts aftab

I really like the 95.00 level for a return to the down trend on the USD/JPY.

 

1. Excellent round number.
2. Strong former support that should now be resistance.
3. Confluence with 61.8 Fib
4. And likely to be around the time when the TL comes into play.

http://screencast.com/t/apssbGjnf6

Nice. That is a significant resistance level that I am using for my SL.

There also appears to be some other Fib confluence just above it around 96.16-95.19

Lots of stuff in about a 20 pip range. If I was more aggressive I would fade it (w/o waiting for PA to confirm reversal) an put a stop just above 95.50

Mike,

Took this baby on for 19 pips.

Could have done better, but that is okay. R:R is still 1:2.5

The chart below is my entry and stop details. I should have wait a little bit to take the trade at 1.120 - 1.0731.

Anyways...

Stopped out.

I've been looking for butterflies and gartleys and say this butterfly line up last night. I'm not trading them right now, but this one look right and it was close to the TL.

Looks like a potential 4H gartley on the gpy/jpy TL

Finswin56 bro, I m stalking this too.Let see how it turns out.I m watching the Daily as well as the 4hrTF.

Stopped out on CJ and GJ pairs

Total: -360 pips.

Quite disappointed, erroded my gains last week. pretty square now. Look for better opportunities next!

Soya it's really been very tough the last 2 weeks. But nothing lasts forever...

Very nice formations at the trendlines.

Hang in there guys.Keep our cool, and I m sure we will be able to get thru.keep analyzing and discussing.I m sure we will be piping.

Hello Soyabean, you’ve got a nice method going here. Kudos.

Hi Tunji,

I have just had a look at your thread.

It has helped me give market structure to the AB=CD.

Thank you.

Not much going on with my charts.

I do see a potential gartley on the back end of a TL and at a pretty nice s/r level. GBP/CHF

The market has been in a range for many currencies, and equities are showing serious strength on earnings reports. Now it appears some correlations may have decoupled. Typically, the S&P, TNX (10 year bond yield), and AUD/JPY (or most jpy pairs for that matter, but I like this one best for the correlation) have typically moved pretty closely together.

Right now there is a pretty big divergence. S&P made a nice head and shoulders supposedly confirming a top. Upon making a new low, it then blasted off to make new highs. Meanwhile, TNX, and AUD/JPY have been left behind and turning back down.

Will they catch up with the S&P? Or are we seeing some irrational exuberance in equities (love that Greenspan phrase)?
I tend to lead toward equities being overvalued, but my opinion is worth less than nothing. I mean seriously now, what's up with higher profits and lower revenues? I'm so curious to see what next quarter's reports show. These numbers aren't going to stand up for long IMO.

This time of year has been known to be illiquid with many fund managers on their summer vacations, if I recall correctly. I'm honestly not sure what's going on right now, but I think this upcoming NFP may have more impact than most. There are a lot of signs that things will break pretty soon, and an unemployment reading above 10% could do it.

USD/JPY

The pattern looks pretty good to me. This pair never got to my target entry of 95.00, and this seems to lend more credence to a top for now.