Things to look at over the weekend (FOREX)

I have a few FOREX charts to look at after the weekend, these charts include:



EURCAD: The EURO has taken a beating over a long period of time on this weekly EURCAD chart. This could be a bottom as the weekly price has hit long term support. Also Sentiment towards the EURO zone is extreamly negetive which is a good time for the pair to reverse. I dont expect this thing to form a V-bottom, I expect it to hold this level for at least a week before it reverses.

EURUSD: This is my second chart. Its obvious from the chart that there are 8 weekly pin bars closed near or above the mid point of those bars. All this plus the extremely negetive news coming out of the EURO zone that Spain, Greece,etc... are going to default is a sign of strength. Large buyers or institutions have been buying into the crisis accumulating the currency for about 3 months. Never the less the trend is still down but all this buying has caught my attention and if prices go below 1.3 then I expect all hell to break loose as all those buyers will be looking to flee. If prices break 1.3 then 1.2 is most likely to hold. But I dont expect 1.3 to break and if 1.3 holds then I expect price to consolidate and retest the lows and also break the resistance trendline.

Market reverses...

My first assumption from yesterday EEM stood true, it seems that there was alot of buying in yesterdays decline. it showed today. Even though Spain got downgraded by the S&P the market still rallied showing strength. At this point I have no confirmed bias unless yesterdays high or low are taken out, after all the action today was as inside day. We didnt make any new lows and we certainly didnt make new highs but after all the bearishness from yesterday, the way the market held today implies strenght and nothing else. Even though fundementals were obviously pointing otherwise.

EEM Chart (Emerging Markets Index)

Dr.Brett and the rest of the analysts yesterday agreed on that the market is still strong and all the market internals are indicating towards a stronger market. I agree with them, the longer term picture is still bullish but, all of the indicators they use are lagging indicators. They wont show weakness till it actually occurs. What happened today can be a shake out of weak traders so that the big boys can buy their stocks at more attractive levels and the market reverses (cause what happened today was based on news) OR the market is actually weak and everyone was busy selling and we are set for a medium term correction so that bulls can start accumulating again later as they recharge themselves for the next push up.
As far as am concerned these are the likely scenarios but based on what I saw I am now BEARISH! till proven otherwise as evidenced by the charts.

Bear Roar!

Holy Moly the market fell today, and it fell hard! a correction is almost certainly coming though nothing is ever certain in the markets this one looks probable give the width of the SPY spread and the volume intensity, all this plus the whole greece debacle was enough of a recepie to lure the bears. Lets see what happens, things are getting interesting again!

Chop Chop

OMG what a flat day! watching paint dry on the wall would have been easier for my eyes as evidenced by the NASDAQ etf 5 min chart, theres little volume in both directions with no confirmed bias, but overall we are in a bull market after all so I remain bullish till proven otherwise.

A journey of a thousand miles starts with a single step

So it begins, my journey. In this blog I intend to share my thoughts and insights on the market. I have created this blog for me share my thoughts and insights with the world. I Also created this blog to serve me as a journal and reminder of my journey. I hope that everyone can benefit from my experience and use it to leverage their own success.