The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at toddstrade@gmail.com
I am always open to questions, comments, or suggestions on how to improve this blog.


Saturday, March 17, 2012

week ending 3_15

A quick recap
Crude Oil - Daily remains flagging.  Support was quickly bought and closed at the top of its channel (flag).  Weekly 20- & 50-period moving averages recently crossed bullish.  As stated last week $110 is significant resistance

Copper -Still basing under that $3.95-$4 level.  Remains in constructive consolidation mode

The U.S.Dollar Index saw rejection above $80.50 and if it can't get any further upside momentum going looks like it could set up a bearish 2b pattern

The EURUSD pair is oscillating within a down sloping channel.  Above the trendline (weekly) could see a bullish breakout, obviously a break below 1.265 would be bearish, but a higher low can be forming here (currently holding a 50% retrace of the most recent bullish momentum, not shown).

Gold - It would be interesting to see a move to $1600 to gauge buyer interest.  Either way, so long as this higher low (weekly chart) is defended an inverse head & shoulders is in play should price work its way back up to the neckline.

2 comments:

Loukas said...

Todd, thank you for your overview.

In regards to the EURUSD, it will surprising if the HL bullish scenario works out. So far everyone was/is predicting 1.16, if we break above the sloping trendline a lot of ppl will be caught covering their shorts...l interesting!

todd Sohayda said...

"everyone was/is predicting 1.16" <<I don't understand what you mean by this.