Friday, September 18, 2009

Target hit and reverses at D.

Thursday, September 17, 2009

I'm looking at a potential CD leg of a Harmonic pattern finishing at D? seen in the gray target.  We've seen AB reject 61.8 XA and BC reject 88.6 AB. The target box is a confluence of 100 PDMM  projected from C and the 78.6/88.6 of XA. I always look at the first fib past B as initial target for pattern completion.

If the target area hold and we have pattern completion, then price will continue long toward weekly/monthly target levels that have been previously shown.
Watching to see if 61.8 PDMM projected from CLOD holds, if this holds its a classic head and shoulders pattern. If it doesn't hold I'm looking at 100 PDMM projected from CLOD @ 1.4783 as target.
Another example where when the previous day's 100 PDMM wasn't hit during that day. Watch it during the next day as a target, especially when in confluence with a current day's level. Here we see the 62 PDMM level in confluence and its like a magnet, hit and run.

We are now looking at the rejection of the high from 9/15. We stay above this and watch the weekly and monthly levels posted from yesterday.

Wednesday, September 16, 2009

As New York comes to a close, today we had a dbl test of the Daily R1/Weekly R1 level before finally breaking through. Stronger Res was found at a confluence of yesterdays R2 level and todays 61.8 PDMM projected from the previous day's close.
Looking for the weekly/daily R1 to possibly be Support or the soon to be calculated daily pivot level for tomorrow. With this area holding, EURUSD may rocket to the next Res levels as seen on the Monthly levels.
EURUSD has been gradually trending up. Much of this move has been laid out in early march using harmonics. In this pic we see some targets for the remainder of this week and into next. I do expect a short correction back to the new weekly pivot level before EURUSD continues long.

The harmonic pattern in this was setup in March 09. The fork was added in early May. Currently I am looking to see if the weekly close will be above the 61.8 retracement of the 2008 yearly range. We could be off to the races for  1.5243.
Currently I'm watching 1.4840 as it is the current weekly R2 level.
50/62 PDMM zone hit. Confluence with prior day's S4.
Here is an example of 2 primary parts of the system.
1. Always look at the prior day's  pivot levels for S&R as here the prior day's pivot was support.
2. Pay attention to the prior day's PDMM levels if the 50/62 zone was never broken on the previous day. Those values particularly the 100 level is still in play.

Tuesday, September 15, 2009

The price movement today was held within the 50/62 PDMM off of the CLOD and the previous day's 100 PDMM level. This is often seen and what I talk about watching for.

Monday, September 14, 2009

Off of the low to the 50/65 PDMM zone.
EU pullback to new weekly pivot and monthly R1 @ 1.4505. Looking for long continuation.
Another example for the need to watch the prior day's levels until orders are filled or canceled. Hit Fri's 100 PDMM. This is a key condition that I see and talk about all the time.
This pic is a perfect example of needing to watch the prior days pivot levels, fib pivots as well as the previous week's levels. All last week EY was bounded by the weekly R1-S1. The final orders resting at Weekly S1 were hit and price reverses.
This pic is a perfect example of needing to watch the prior days pivot levels, fib pivots. It is very apparent that many orders from Fri were sitting down at Fri's S1, 50/62 Zone. A nice 160+ pip move from the open.