Sir Pipsalot
Former FPA Special Consultant
- Messages
- 511
Hey folks,
Well, everything from yesterday's signal is proving to work out pretty well on the trends. Please reference yesterday's https://www.forexpeacearmy.com/fore...0-forex-trading-signal-9-24-2009-go-time.html post for more detail on all of this. We did indeed get the big stock confirmation around 0945 this morning and as I posted in yesterday's signal post, I also got aggresively short on stocks. The highs we've seen this week on the S&P should last quite some time and some form of major downside is at hand. Personally, my analysis leads me to believe the S&P is headed to 400 or so over the next year, so I'm taking advantage of this turn to get aggressively short on stocks with the idea that this week's highs may be the highs of the year and mark the end of the bear market rally we've seen.
On the EUR/USD, the reversal seems pretty clear as well. We called for a short reversal yesterday which happened much more strongly on GBP/USD than EU, but it still looks good nonetheless. For one more layer of confirmation, we need to see the EUR/USD trade below 1.4610, this week's lows. When we do, it becomes very likely that yesterday's 1.4802 highs will not be exceeded, so we can add to our shorts and tighten our SL's to somewhere a bit above 1.4800. There's still a chance though that the action since mid Sept is just a big triangle/flat and we could have a rally leg left in the Euro. A break of 1.4610 would make that possibility very unlikely.
We also decided to short silver in the diamonds room today around 16.85, and it's still not horrible for entry here around 16.30. SL's anywhere from 17.10, 17.40, and 17.80 are all decent possibilities based on your time horizon.
I'm sorry I don't have as much time as usual to spend talking about the new trends, but I'm running a live session with the room now and really need to focus. Good luck out there guys!
Well, everything from yesterday's signal is proving to work out pretty well on the trends. Please reference yesterday's https://www.forexpeacearmy.com/fore...0-forex-trading-signal-9-24-2009-go-time.html post for more detail on all of this. We did indeed get the big stock confirmation around 0945 this morning and as I posted in yesterday's signal post, I also got aggresively short on stocks. The highs we've seen this week on the S&P should last quite some time and some form of major downside is at hand. Personally, my analysis leads me to believe the S&P is headed to 400 or so over the next year, so I'm taking advantage of this turn to get aggressively short on stocks with the idea that this week's highs may be the highs of the year and mark the end of the bear market rally we've seen.
On the EUR/USD, the reversal seems pretty clear as well. We called for a short reversal yesterday which happened much more strongly on GBP/USD than EU, but it still looks good nonetheless. For one more layer of confirmation, we need to see the EUR/USD trade below 1.4610, this week's lows. When we do, it becomes very likely that yesterday's 1.4802 highs will not be exceeded, so we can add to our shorts and tighten our SL's to somewhere a bit above 1.4800. There's still a chance though that the action since mid Sept is just a big triangle/flat and we could have a rally leg left in the Euro. A break of 1.4610 would make that possibility very unlikely.
We also decided to short silver in the diamonds room today around 16.85, and it's still not horrible for entry here around 16.30. SL's anywhere from 17.10, 17.40, and 17.80 are all decent possibilities based on your time horizon.
I'm sorry I don't have as much time as usual to spend talking about the new trends, but I'm running a live session with the room now and really need to focus. Good luck out there guys!
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