Archive for the ‘ Channels ’ Category

AUD/USD Keepin’ it simple

As simple as it gets, if you buy into that  “fibonacci crap”…

Top of the Channel

We have reached the top of the channel. I’m watching for rejection and a possible pullback to the 50% coefficient…

Bigger Picture

When we break our charts down to smaller time frames, our minds tend to forget where we stand in the bigger picture. This chart hangs above my computer to remind me where we are relative to where we have been…  which enhances my decision making process. 

No Bears Here.

I don’t see an opportunity for the big bears to take this lower on the longer time frame.  I will watch daily price action to verify acceptance at the higher value…

Sunday Night Charts EUR/USD

Short Term

Long Term

Channeling Up

We are still channeling upward and I expect to continue after we pause at the midpoint of this channel as illustrated below…

Channeling Up

So we find ourselves Channeling up against the trend line from early August highs… Which is also the 38.2% (see gray oval) retracement from 1.1877 to 1.3334.  Momentum to the upside seems to be fading, but a breach of the downward trend line would suggest other wise.  If so, I would be looking to short at 1.2875 for 1.2365