Be patient with me, I am a technical trader. When overwhelming news hits the market (especially during full moons) causing irregularities, it throws my technical signals off and I need a few hours for the market rhythm to resume before I am confident to make a call. Remember the Sun Tze, Art of War (Full moon effect - 4 May 12)? Pure discipline and no guessing game here!
Do note that market has yet to close the gap at 1.3080. Though E$ ended yesterday with a Doji close at 1.3050, it could be a matter a stretched rubber band snapping back. That being said, a close above 1.3000 does indicate near term strength. Bearing in mind that most sell stops had been flushed and market is potentially more E$ short following the election results, one has to be prepared for more upside test first before lower again over the next few days.
Short term downside momentum has waned and is at neutral now but it does have a slight skew towards the upside. Not going to be a high percentage call but today should be another buy dips day. 1.2990/310 to hold, 1.3070/80 resistance to watch and 1.3110/20 to cap. A break of 1.2955 invalidates this short term buy dips view.
 |
| E$ Daily chart |
No comments:
Post a Comment