Saturday, August 20, 2005

Weekend Analysis

Hello everyone! Hope you all had a better trading week than me :) This was my first negative week in a long time, haha. I hate losing! However, I have alot of faith in my trading plan so I'm still feeling confident.

Ummm...on the message board a looonngg time ago, I specifically said that I KNEW the Euro was going to go down and that I was willing to bet pips on it, haha (I'm sure some of you saw that). At first, it didn't look like it would go my way, but finally, it looks like we're seeing that Euro drop. It's not dropping fast, its more of like a slinky dropping from the top of the stairs :)

Anyways, I've taken OKL's idea and added the weekly high and low on my chart. (although you can't see the high on this chart) I've put it on my 60 minute chart as well as my 10 minute chart. I should've been plotting it a long time ago. The weekly high and low are very strong support and resistance levels, and a break in either one means a strong continuation in the move.

You can see that the 60 minute chart is showing a downtrend, and I think the test for next week will be the weekly low. If the Euro breaks that low, I see it going down for the rest of the week. If it breaks the upper trend channel, I see an upward move for the rest of the week. Wow! It's like rocket science, I swear, haha! But seriously, if the Euro breaks the weekly support, I'm going to be more likely to take short positions.

I don't see too many news events that can make the market move, but Greenspan does speak on Friday so that might be interesting.

I am in the process of changing the layout of the blog so please bear with me as it will be under construction for at least the next few days. Have a great weekend everyone!

No comments:

Subscribe to this blog