finitemonk

finitemonk

Just a further thought .... By approximating the same proportion as it entered might it leave?

finitemonk

Presented with minor comment. It is aesthetics in the end. The tilt, the minor imperfection, what looks right. "The balance of the imbalanced."

finitemonk

All self explanatory I hope. Having hit the strong resistance at the 0.618 of the upward fork, failing the 1.618 retracement or return to 1 (whichever way you look at it), probably forming a nice hammer candle, downward doji into the close. I support this on observations that whichever line of the main active fork provides support or resistance its opposite...

finitemonk

Following a very understandable and valid comment to my just published chart. I'm trying the method of interpreting gaps over 'too many lines'. I think perhaps I like this better as a simple grid of opposing forces / influences. These were my notes (slightly edited): The downward Schiff - I like the way the pair made it on crash recovery from A to B, one 0.75...

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There is a lot to be said for scrubbing charts and looking afresh. I've just done it. Paired my median line analysis back to the basic channel and then take a real far away view, right back out. I then added the most obvious place for a downward modified Schiff. And kept the upward Andrews Pitchfork I like the result. Notes and observations: The downward...

finitemonk

This is my favourite currency pair. Although it only takes about 13% volume, in many ways I regard it as the 'hub' of the forex markets, indeed of wider systemic importance, for lots of reasons. Again the pair has reached the edge of an influential downward modified Schiff. It didn't break it last time, around the 8th. Watching it very closely. I've also...

finitemonk

Following the large crash & bounce , all the pair has done since start of July is crashed and bounced (with a little overshoot) between the three divergent median lines of three forks, always returning to the central one. Or been nudged back to the central main median line by the converging retracement lines of each fork.

finitemonk

This is Median Line Analysis in action. There are other forks criss-crossing as per usual with strong influence, but I think this is the fundamental active working channel, (with added Andrews Pitchfork,) that interestingly this currency pair entered at the very beginning of this year, jumping the 1.618. And the pair returns to the median line as exactly per...

finitemonk

Hopefully self explanatory - using the same lines of the upward Andrews Pitchfork we see similar behaviour between the same lines. My particular interest will be to see if the reversed entries / tendency towards reversed pattern mean a reversed exit - i.e that coming in from the top this time it drops out the bottom. Taking into account the peak at 101.50 this...

finitemonk

Just a note, similarly to the EURUSD the pair doesn't know whether to go up or down. A couple of mentions: Precious metal prices are volatile but showing underlying strength to the upside, weakening the dollar. The Nikkei has plateaued. Both the EURUSD and the USDJPY are hanging both potentially between any two lines / wedges / anything you would care to look...

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Weekend considerations A, B to C - support drops - to me this is very significant. By August likely to have lost the sharper lower left to upper right fork leaving the two longer median lines (heavy black) to play out a game of increasing volatility as they pull apart. The modified Schiff formed by the long drop from February to early April so far is pulling...

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Please refer to my previous 240 chart for more detail. But yes, sometimes higher is lower. Chuckle - hehe. Also notice how the pair is now caught back in the upper lines of the short term modified Schiff and is trying to negotiate some kind of H&S

finitemonk

The pair has found strong resistance at the 0.764 retracement level. It is sort of in a quandry. It keeps sinking below the top edge of the main downward pitchfork, but just above/ finding support (for now) of the median line of a very effective & reasonable upward modified Schiff fork. Many traders I think are expecting the pair to continue to rise. If you take...

finitemonk

All self explanatory I hope. Lines of support and resistance offered by two cross directional forks. If it continues up what happens around the 8th / 101.00 area? If it goes to 101.50++ it is above a lot of resistance. Most likely I think now - will peak around 101.00 by the 8th then drop, maybe right back to 95.00 ish. (Anyone watching JGB yields? - please let...

finitemonk

Interesting H&S formation. Point A @ 1.286 - below which it breaks the neck. (The gently sloping lower left to upper right lines are a very long standing Andrews Pitchfork) Thoughts .... For: Continued/Accelerated Euro Crises (strong) Against: (i.e weakening the dollar) Collapse of Nikkei (again - predict - around 8th July) Continued rebound/rise in metals (not...

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The dark lower blue line in the chart is a really important defining 'benchmark' line of support. In fact since October 2009 the eurusd has only been below this line three short periods. The most recent this late May. The pair does not readily go below it, nor stay below easily. It is worth watching, in this rather dithery period of late last week/this week See...

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Look out for dip down to around 97.00, back up to approx 98, then sharp drop down to lower line of current channel. Bear in mind USDJPY is very sensitive/even attached to GOLD price foremost, asset classes slightly secondary.

finitemonk

I hope this chart is reasonably self explanatory. S = support R = resistance (apologies for the slight misalignment of the less steep blue line - on my chart it's perfectly parallel!) Having beautifully stepped up through the current small fork the pair has support from it's median line, classically nudging up over it, and broken out the wedge top there is...