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Forex Trading Signal 07/13/09

Discussion in 'Current Forex Trading Signals' started by Crazy Cat, Jul 13, 2009.

  1. Crazy Cat

    Crazy Cat Former FPA Special Consultant

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    Hey folks,

    Not much to talk about news-wise coming up on Monday, but it looks like stocks may be ready to make their break lower today as I see the S&P 500 futures at 866. Remember a convincing break of 878 (equals about 874 on the futures) means the head and shoulders is broken and we should see some nice downside towards the 800 region. If this is indeed happening today, we should see correlating USD and JPY strength commodity weakness. As I write, the EUR/USD and GBP/USD are taking a dump before the European open. The big question is will stock futures rebound before the open, or is this the beginning of the slide? We will see soon. Honestly, I put the odds at only 20-25% that we get a sizable bounce here, so I think the odds are we're starting the downside in everything now. If a bounce does occur, it will likely peak out this week and round out to further downside. If we hold below 878 and close below it, then game on... but no reason to wait for the close if things are obviously melting. The first news of the week doesn't come until Tuesday morning, so we'll preview it tomorrow. Good luck out there guys... this could be very very big!

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  2. zarni

    zarni Recruit

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    Head and shoulders has been proven scientifically to be a pattern that shows 0 correlation to future direction. It is 50/50 even with a break of the neckline whether the move will continue downward or reverse.
     
  3. reres

    reres Recruit

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    all technical analysis is **** not only head and shoulders.
     
  4. Sir Pipsalot

    Sir Pipsalot Former FPA Special Consultant

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    perception is reality zarni, and the market is focused on that pattern
     
  5. ernest8fingers

    ernest8fingers Master Sergeant

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    tell that to my banker

    I have programmed an EA that ONLY uses PriceAction at those exact levels. In my humble(and probably worthless opinion) those patterns offer the BEST trading opportunities. This Ea trading has freed up my time to post these comments and actually start to enjoy my family(especially when they're asleep).I dont agree at all with zarni but I accept his opinion.(maybe he has been beat up by this market-no shame-it happens to ALL succesful Traders if they hang in there).:)
     

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