I’m going to try to do market outlook updates when there are interesting things in the markets. This is the first. (We’ll see how long this lasts….). Here it is:
Setup: Bid if past ATR
Notes: This is a good area of former resistance on the chart, it is just below a former Weekly resistance level and flush with a 38% fib. This level is being bid ONLY if past ATR on the day we move into it. Any further support on top of the level will render it untradable.
Setup: Break and acceptance above level. Bid retest if possible.
Notes: Big weekly level at prices seen for the first time since 2008. If we break back above this level and find price acceptance, a decent move will ensue.
Setup: Got short on daily close below 1.6919 after weekly bearish engulfing and daily bearish engulfing closed through key level.
Notes: Looking for a decent move here. We’ve just tagged a key trouble area, and caught quite a big bounce on Friday, only to be met with another move down. Perhaps this could be the upside flush down before we continue down to my eventual target at 1.5736. I’ll look to trail the stop on D1 closes through key levels (marked). Initial stop was 1.7119, now at 1.7032. We’ll see.