Trading For Those With a 9-5 Job

Comments on the charts...

Olu

Comments on the chart...

Olu

Hi Olu,

In addition to the TL, we also have a support around 0.8020, it will be nice to watch if we have a daily candle closing below these two lines.

Good pips

You are right H. I saw the support area but could not add it at work as I was called away from the PC. Updated chart uploaded...

Thanks

Olu

Observation on the chart...

Olu

http://etfdailynews.com/2012/06/20/j...oming-uso-oil/

Comments on the chart...A break and close below the channel will set a downmove in motion that could go all the way to intervention area.

Olu

Thanks for the link. I like elliott wave analysis and use it in my trading when the count is very clear. Also we have similar incredible targets!

Olu

Last week threw a curve ball in bear camp. As you probably know I am a dollar bull and a commodity and stockmarket bear. News came out of europe that a solution to the crisis was at hand and the markets rallied in exuberant joy and elation. It was said that we have such a good solution that Angela Merkel walked out of the conference and did not give comments to the press i.e her hands have been twisted so much that it she was disgusted at the amount of climb down she had to make.

In all this climbdown there wasnt an agreement on having a joint Eurobond. This was seen to be the main thing they were gunning for.

So I go out on a limb and say we are not there yet. That the rally last week is just giving us a better selling position. For those already in positions this rally will provide places to add to shorts on weakness.

Wish you all a pipful July

Olu

Update on teh chart...

Olu

Comments on the chart...

Olu

Comments on the chart...

Olu

See attached daily chart of EURNZD, EZ mess versus risk view, it is currently on a sharp decline for the seventh consecutive week, it is also pushing on a significant level of support @ 1.5650-1.5700 , all time low is 70 pips away there's no doubt that we are on a critical zone here.

Your thought guys ?

Hi Helios

EurNzd is not one of those I follow because it has big spreads on my platform. I would have spotted this excellent downtrend.

short EurNzd is a risk on trade and this will continue to go down as the stock market goes up. I believe the stock market is peaking and hence be looking for longs eventually

On the face of it on the monthly chart we are in an wedge pattern which usually resolves upwards. But that is the monthly chart! and a lot can happen in a month.

On the weekly chart we are in the double bottom range and the stochastics is turning upwards - not yet crossed though

on the 4h chart we see a turn in process. I believe we could still tag the previous bottom but we are waaaaaay oversold. We are at extremes here and this might be ground floor for a good long

My take is this: the trend is down and this should be respected but long is what I am looking at here...

Olu

Comments on the chart...

Olu

Olu, Should we short it at what level? 80.60ish??

I think right here is good. 80.60 is even better because I am looking at a tight stop at around 80.80

Olu

Thanks, Olu.

No problem. its all a game of probabilities...

Olu

Comments on the chart...

Olu