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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

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NOTABLE POSTS WITH IMPORTANT UPDATES...

Monday, June 27, 2011

YM, ES, NQ & TF...3-Day Candles...Bull Flag on EUR/USD?...

Below is a chargrid of YM, ES, NQ & TF...each candle represents 3 days...the last candle closed today. Day 1 of the next 3-day candle has begun in after-hours trading on YM, ES & NQ.


I've shown a series of horizontal price levels on each chart.:
  • yellow = highest price reached this year
  • white = highest close on the left shoulder of a potential H&S formation for this timeframe
  • green = high of the last green candle formed after the recent decline (and also the prior 3-day candle)
  • red = lowest close and neckline of a potential H&S formation (although the YM formation is a bit sloppy as recent price doesn't touch this level)
Each of these levels represents possible price targets. Of course, the white levels offer the most reward from the current price levels. Whether sufficient support has built around the red level (and above, in YM's case) and whether sufficient buying activity resumes from today's close, particularly above the green level where there is quite a lot of resistance, remains to be seen.

BTW, the moving averages shown are:
white broken = 21ema
red = 50sma
The merging of these two moving averages may signal either further range trading or a significant breakout in one direction or the other in the coming days.

This is a formation that I'll be following with interest every 3 days.

Since it seems that everyone is interested in the Greek debt situation, I'm also showing a 3-days/candle chart of the EUR/USD below. Price closed today (on Day 3 of the last red candle) once again in between recent support and resistance levels and is approaching the apex of a triangle whose formation began in early January of this year. Is this a bull flag in the making? We'll see where price wanders next. BTW, the white descending trendline shown on the chart begins at the highest high reached in July of 2008...if price holds above this level, I would expect price to potentially make a new high sometime this year and possibly reach the highs of November 2009 (approximately 1.514)...based purely on the technicals...what happens politically is another question.