Education
September 17, 2020
The US dollar advanced against major currencies in early trading on Thursday. A positive economic outlook from the Federal Reserve and a shift to tolerating higher inflation boosted Treasury yields, in turn supporting the greenback.
September 17, 2020
AUDUSD continues to bang against the center line of the channel from the 6/15 low. Action since the 9/9 low is overlapping, brutal, and clearly corrective. Below .7250 would now constitute a bearish break of the channel from the 6/15 low and shift focus to the full channel extension, which intersects the key .7064 level in the middle of next week.
September 16, 2020
USDSEK dipped to 8.6844 on on 9/10 before turning up. I’m viewing that low as a ‘higher low’ within the bullish cycle from the 9/1 low. Price closed slightly above channel resistance from the March high today. Strength above 8.8050 would complete a head and shoulders bottom and set an objective at 9.0150.
September 15, 2020
WYCKOFF DISTRIBUTION SCHEMATIC The last 2 trading days have been awfully quiet so now is a good time for some educational yet applicable content. I have […]
September 14, 2020
The vast majority of people fail to become profitable FOREX traders. Yet, the best ones often have similar traits.
September 14, 2020
The most bearish time of the year for equities is now through October 9th. 9/10 – QQQ pushed slightly above the noted 279 before turning down. The next level of interest is the long term parallel (magenta line) near 257. The chart with volume studies below highlights some important observations. First, VWAP from the high was resistance today. Second, the importance of 237.50 (February high) is magnified by VWAP from the March low.
September 11, 2020
My working assumption is that a B wave triangle ended today at 1975.20 (exactly the 8/3 low) in gold. I am bearish against today’s high and looking for weakness lower in a C wave towards 1800 or so by the end of the month.
September 10, 2020
GBP/USD fell to its lowest levels since July 28th on Wednesday, extending losses from the recent yearly high made on September 1st. The same day, the UK government published its Internal Market bill, outlining a plan to breach the pledges in the EU Withdrawal Agreement.
September 10, 2020
USDOLLAR has yet to break above 12087 and the rally has failed so far a the upper parallel from the Schiff fork off of the March high. I’m still leaning towards action since 7/31 as a base that price will work higher from. Watch for support now near 11973.