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- TradrSkilset replied May 3, 2015
Our bullish bias proved correct, as the euro had a powerful rally versus the dollar this week, up 350 pips at one point. The steep ascent this last week leaves our top count on solid footing, which is calling for a flat correction, with wave (c), or ...
- TradrSkilset replied May 3, 2015
There’s a saying on Wall Street, “It’s better to exit a trade too early than too late.” That certainly was the case for GBPUSD this week. On Tuesday afternoon, we exited both GBPUSD and NZDUSD for two reasons. One was that both trades had advanced ...
- TradrSkilset replied May 3, 2015
We were indeed looking for an impulsive rally to complete wave (y), and the market action seems to be confirming. Notice that we cited structural resistance from the prior fourth wave from .8000-.8300, and prices reversed on Wednesday after reaching ...
- TradrSkilset replied May 3, 2015
Here too, the rallied staged a reversal on Wednesday. We came into the week bullish Kiwi, with the idea that maybe it had been coiling ones and twos. Fortunately, we took bullish positions off prior to the GDP and Fed meeting on Tuesday, which we ...
- TradrSkilset replied May 3, 2015
We’ve been citing the 118.30 level in USDJPY for some time now, suggesting that a drop below that spelled the end of this rally. Mid week it looked like a breakdown just might be in store, but after breaking below 118.55 briefly, prices reversed ...
- TradrSkilset replied May 3, 2015
Prices found support here too on Wednesday, but not before some significant deterioration in the bullish picture. We’re still viewing the action down as corrective in wave (4), and while it’s possible that it is in place at this week’s low, the ...
- TradrSkilset replied May 3, 2015
The action continued lower as expected this week. In fact, late in the week, as the dollar was gaining against many pairs, it couldn’t muster any strength against the franc. That leaves us in search of the wave (iii) low, and any bounce is likely to ...
- TradrSkilset replied Apr 26, 2015
Wave (ii) did extend a bit, but it’s a clear three wave rally. That means, of course, that the larger trend is down. We’re looking for prices to reach the .9228 level at a minimum, which is the point where there will be two equal waves down from the ...
- TradrSkilset replied Apr 26, 2015
The Canadian dollar has remained strong, only allowing USDCAD a small bounce this week. We were ideally looking for a stronger push up to test resistance, but a clear three wave rally failed at the underside of a recently broken base channel line, ...
- TradrSkilset replied Apr 26, 2015
Action continues to favor our top count. After a substantial bearish divergence into the March 9 high, prices have been unable to find their footing. In fact, we haven’t seen anything impulsive on a daily chart since late last year. Based on last ...
- TradrSkilset replied Apr 26, 2015
It looked like NZDUSD completed a small corrective decline on Tuesday here too, as prices reversed and retested the 4/17 high on Wednesday. But the dramatic downside reversal put a delay on any further rally. But, notice the behavior of daily RSI. ...
- TradrSkilset replied Apr 26, 2015
Aussie also had an early week pullback that was fully retraced by the end of the week. The early week decline was a bit scary for the bulls, especially since the initial rally up from the low isn’t impulsive. But, by the end of the week prices ...
- TradrSkilset replied Apr 26, 2015
We didn't see anything terribly interesting in EURUSD last week, and the same thing goes this week. With the potential for “headline risk” out of Greece, many traders may just be playing GBPUSD for dollar weakness rather than hopping on board the ...
- TradrSkilset replied Apr 26, 2015
We began last week with the pound, and we're kicking this week off the same way, because of the clear action. Last week we wrote, "the impulse here is clear. A corrective decline is due to start the early part of the week, and we’ll be looking for ...
- TradrSkilset replied Apr 19, 2015
We did indeed see a three wave rally from the wave 1 or A low, and last week’s action makes it seem like our top count is on track. We’ll look for a short term corrective bounce, followed by further declines regardless of whether or not the larger ...
- TradrSkilset replied Apr 19, 2015
Wednesday’s break of 1.2400 saw prices collapse. In fact, daily RSI reached the “sustainable bear” zone, after diverging into the wave (3) high. So, both daily Context and Momentum suggest lower prices, and now 1.2400 is resistance. A rally back ...
- TradrSkilset replied Apr 19, 2015
Shorter term action isn’t all that clear, but two things are clear. First, there’s a three wave rally for wave (b) that is unmistakable. Second, the action ever since the wave (3) high is non-impulsive in both directions. The break of the up ...
- TradrSkilset replied Apr 19, 2015
Confidence in the top count was low last weekend, but prices traced out a hammer on Sunday with a bullish follow through candle on Monday. We mentioned that Kiwi was the “pair to play” for dollar weakness, and we saw nice bullish action late in the ...
- TradrSkilset replied Apr 19, 2015
Similar to the euro, Aussie was able to remain above the lows last week. That makes at least four significant attempts to break the .7600 area, yet prices have been able to remain below that level more than a few hours. Such action suggests a base ...
- TradrSkilset replied Apr 19, 2015
Last week we pointed out that we thought a new low would be quickly reversed given the extended nature of the decline. The Elliott count has many possibilities that are about equally viable in our assessment. That’s what led to our intro – when ...