Here is a 4h showing the drift.
Sunday, March 8, 2009
EUR/USD
This daily shows a stubborn down channel that has acted as tough resistance. Bulls need to pop the R/line and take out the simple 50dma. I'm bull here out of the channel and will remain a bullish tone as long as 1.2440 area holds.
Friday, March 6, 2009
GBP/JPY
GBP/JPY daily is currently trying to get out of an inverted head in shoulders pattern. Needs to bust up through this consolidation area. Trend line still in place so this is a plus for the bulls. Now should we drop out of this consolidation zone I'd get bearish. Bull pattern tgt is also highlighted.
Monday, March 2, 2009
Soup Line
Well the bailouts continue thus deepening our financial problems as a nation. We seem to think by throwing good money into a bad investment is going to restore confidence. The problem is investors do not trust anything they see, companies balance sheets mean nothing. One company I have deep respect for is AFLAC. In fact this is about the only company I can say I trust. The CEO refused his golden parachute and recently declined his 2m bonus.
What about all the fraud that we are seeing. Suddenly those astute traders that have been ripping off the public are starting to get caught. Much damage has been done to the markets and until confidence is restored I expect this year to be more of the same.
Volatility continues to rear itself. If one is to venture into the markets I recommend trading small positions with lose stops. I’ve been using the weekly charts to figure out position sizes. For the most part it is not even worth the trade as the position size is minuscule…
I do see some concern with every time the government puts out a statement and it moves the markets 100-200 points in less than a few minutes. Just remember the more they (GOV) gets involved the worse things will get.
I think we are near depression status. Our country is derived from credit. This is ugly as those who are living beyond their means will probably be thrown a lifeline from the GOV. This punishes those who have managed their money and folks this is wrong. I predict everything that the Obama team is talking will happen in opposite fashion. http://economywatchblog.dallasnews.com/archives/2009/02/heres-the-scene-today-in.html
What about all the fraud that we are seeing. Suddenly those astute traders that have been ripping off the public are starting to get caught. Much damage has been done to the markets and until confidence is restored I expect this year to be more of the same.
Volatility continues to rear itself. If one is to venture into the markets I recommend trading small positions with lose stops. I’ve been using the weekly charts to figure out position sizes. For the most part it is not even worth the trade as the position size is minuscule…
I do see some concern with every time the government puts out a statement and it moves the markets 100-200 points in less than a few minutes. Just remember the more they (GOV) gets involved the worse things will get.
I think we are near depression status. Our country is derived from credit. This is ugly as those who are living beyond their means will probably be thrown a lifeline from the GOV. This punishes those who have managed their money and folks this is wrong. I predict everything that the Obama team is talking will happen in opposite fashion. http://economywatchblog.dallasnews.com/archives/2009/02/heres-the-scene-today-in.html
GB
Sunday, March 1, 2009
GBP/USD
This daily chart of GBP/USD shows a possible inverse head-and-shoulders pattern. The trigger would be the pop over the neckline. Pattern target would need to be adjusted as to where in time if at all it triggers. I like this chart long over neckline.
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