ETMA_The Evolution

Best broker awards 2013 and Online Broker Review 2013.

Forex: US Dollar Locked in Narrow Range Before US Jobs Data

Talking Points:

1. US Dollar Locked in Familiar Range Before NFP Data
2. S&P 500 Continues to Sink Having Topped as Expected
3. Gold Technical Positioning Hints at a Rebound Ahead

US DOLLAR TECHNICAL ANALYSIS – Prices continue to consolidate below resistance in the 10641-53 area marked by the November 12 high and the 23.6% Fibonacci expansion. Near-term support is at 10595, the 23.6% Fib retracement, with a break below that exposing the 38.2% level at 10549. Alternatively, a reversal above resistance initially aims for the 38.2% expansion at 10839.

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S&P 500 TECHNICAL ANALYSIS – Prices broke lower as expected, completing a Rising Wedge chart formation. A break below the 14.6% Fibonacci retracement at 1788.80 has exposed the 23.6% level at 1773.90. Pushing further below this barrier targets the 38.2% Fib at 1749.60. Alternatively, a reversal back above 1788.80 eyes the November 29 high at 1813.10.

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GOLD TECHNICAL ANALYSIS – Prices put in a bullish Morning Star candlestick pattern, hinting a move higher is ahead. Positive RSI divergence reinforces the case for an upside scenario. Resistance is in the 1237.57-51.54 area, marked by the 23.6% Fibonacci retracement and the October 15 low. A break above that initially targets the 38.2% level at 1268.98. Near-term support is at 1211.67, the December 4 low.

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CRUDE OIL TECHNICAL ANALYSIS– Prices continued higher as expected after breaking resistance at the top of a falling channel set from late August. A Shooting Star candle below resistance at 98.02, the 23.6% Fibonacci expansion, now warns of a pullback. Near-term support is at 95.36, with a break below that targeting channel top resistance-turned-support at 92.52. Alternatively, a push through resistance aims for the 38.2% Fib at 101.90.

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And before the NFP Release.

There's Three Other Important Economic Datapoints That Are Coming Out Today
Today's Jobs Report Is Even More Important Than The Last One — Here's Everything You Need To Know
Markets Are Higher Ahead Of Major Jobs Report
Suddenly Things Have Gotten A Little More Interesting In The Market
Former South African President Nelson Mandela Has Died At The Age Of 95

Enjoy,
B.R.

The DX (USD) Broke support, retest the former support and new resistance level now, being rejected and formed a mini bearish Pinbar obviously with the trend and under the 200SMA after the NFP.
This should gives us a hint of where the Prices of the Basket of the USD Currencies is going In the near future.

Just saying, enjoy ur weekend.

Important moment for the Swissy the UCHF, break or reversal ?, take your pick.
Please note that the Purple color line is the much important weekly support level and its being broken 2 days ago or NFP Day ( Notice the huge momentum candle) and that's what it takes to break an important level like this.

N, this is the level that i was talking about in Gold don't forget that this is the Neckline also and its being broken, take notice of the broken DTL also, so a note of warning for going long is in place here, unless this resistance level being broken and confirmed, a long will be a low probability trade and we don't have the privilege of taking any chances in the markets unless we have a solid confirmation.

To recap, DTL broken to the upside + broken resistance + retest of that level and close above = high probability trade,

Best,
B.R.

Guys i'm detecting a lot of long term short positions in the AU pairs, a bunch of them have broke long term support levels and the R:R are excellent.

A follow up on the DX (USD) Index.

What u need to know today :
Markets Are Tanking
The Hard Economic Data In Europe Remain Comoatose
10 Things You Need To Know Before The Opening Bell
The Hidden Costs Of Working On Wall Street
The 5 Golden Rules Of Finance
US Set To Adopt New Rules To Reduce Risky Bank Trading
CHINA: Industrial Output Up 10%, Retail Sales Beat Expectations
Enjoy.

OOPS!!!!, here we go after the NY Session Open, PA is breaking support, the most crucial support.
And the EU Is flying high, poor those Eurozone exports.

N., do you mean this one.

yes this upper resistance of the channel

Playing the range, an excellent R:R as posted.

Here you go N, download it in your Indicators folder.

http://i.imgur.com/NJihYV5l.jpg

Can u find me in this UBS trading floor ?
Its huge isn't it.

What I'm thinking, reading and analyzing today:

[justify]-EURUSD is ticks from a year to date high (1.3832). It’s worth noting that the rate has advanced for 7 consecutive days. Such instances have marked tops in recent years. [/justify]
[justify]-A new high would face the line that extends off of the 2008 and 2011 highs. The line is at 1.3915 this week. 1.3650 needs to give way in order to suggest that the trend is no longer up. [/justify]
Trading Strategy: I want to go the other way (short)…but an objective setup is not yet present. Sit tight.

P.S. i'm still long t'il now.

http://media.dailyfx.com/illustratio...Picture_10.png

GBP/USD Spikes Below Trendline and Recovers
-GBPUSD has broken above multi-month consolidation.
-A measured objective is 1.6625 (near the Aug 2011 high of 1.6618).
-Price dropped into trendline support today before recovering to close above. The low registered at 1.6339…right at the 9 am close on 12/6 after NFP.
Trading Strategy: Flat

http://media.dailyfx.com/illustratio..._Picture_9.png

AUD/USD Dips into Range Lows ahead of Employment
AUDUSD formed an outside day reversal on Friday.
[justify]-“The drop to a new low after NFP appears to have completed 5 waves down from the 12/2 high. A complete retracement of that decline would return price to the ‘former 4th wave’ at .9167. In general, .9167-.9203 is resistance.” Price reached .9167. A larger bottoming remains possible as long as Friday’s low is in place. [/justify]
[justify]-A re-test of the breakdown level from the head and shoulders top at .9267 is possible as well.[/justify]
[justify]Trading Strategy: Larger trend is still down but I am flat at the moment after being trailed out of a month long short position at .9080 on Friday. If price breaks to new lows, then I will have missed re-entry but there is an uncovered close to keep in mind from 8/30 at .8902. Finally, a decline this week will make 8 consecutive weekly drops. According to my data, that hasn’t happened since 1986! [/justify]
[justify][/justify]
[justify]http://media.dailyfx.com/illustratio..._Picture_8.png[/justify]

Gold Has Trouble at Former Lows; 1229 is Possible Support
-Gold traded into the 11/12 low and saw supply. Near term pattern is constructive. If a low is in place, then expect support from Friday’s close at 1229.
-Beyond 1180, the Jul 2010 low at 1157 and perhaps the 2010 low of 1045 become of interest. The latter level may be one that inspires a significant reversal as the 2008 high is at 1033. In general, the 1000 area was a ceiling for several years and may be the new floor but probably not until 2014.
Trading Strategy: Flat

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Zee calendar for today, a lot of risk events be careful.

For those of you who trade Futures like me today is a Rollover Day Thursday, 12 December 2013 (09:30 EST on rollover day).
Remember to change the symbols from Z3 (December contract) to H4 (March contract) on BOTH your trading and charting platforms.

Best,
B.R.