Tuesday, January 7, 2014
How to spot Trends and their Reversals
EURUSD on daily chart is clearly in an uptrend as we see it still trading within its ASCENDING CHANNEL. However we do see reversal signals.
- Double top pattern at 1.3800
- Price recently dropped below 55 Exponential Moving Average
- MACD drops below 0
- Momentum 22 drops below 100
- Double top pattern at 1.3800
- Price recently dropped below 55 Exponential Moving Average
- MACD drops below 0
- Momentum 22 drops below 100
Monday, January 6, 2014
Dow Jones
Dow finds support at 16325, its a key support because:
- its 23.6% FIBO retracement level for uptrend from 15610 to 16540
- We find 55 moving average on 4H Chart
So far it found support twice here
- its 23.6% FIBO retracement level for uptrend from 15610 to 16540
- We find 55 moving average on 4H Chart
So far it found support twice here
GOLD : Daily Chart
A Beautiful clear downtrend for GOLD on the Daily chart from 1434 (28.8.13) to 1180 (31.12.13)
The high of today at 1250 is a key resistance level, if it manages to break it we will have 2 new reversal signals ( cross above 55 moving average + trades outside downward channel)
The first reversal signal was the double bottom we saw at 1180
The high of today at 1250 is a key resistance level, if it manages to break it we will have 2 new reversal signals ( cross above 55 moving average + trades outside downward channel)
The first reversal signal was the double bottom we saw at 1180
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