Wednesday, March 03, 2010

Technical Picture - Prices Stall Ahead of Jobs Data Friday

Spinning tops with long upper wicks suggest a loss of momentum. Expect a pause or shallow retracement ahead of Friday's jobs data. I noticed a lot of bearish engulfing patterns on stockcharts.com predefined scanner page.

$USD moving back towards trendline.

Spotted MON on the TI momentum scan in early trade. Wait for price to consolidate the early move. Eventually, it carves out a cup & handle. Enter long on base BO. Price moves nicely to 50% FE. Take a partial as price is extending too far from up-sloping 5 period EMA. The shooting star leads to an evening star reversal pattern when the next stick closes more than 50% into the 1st stick in the 3 bar pattern. So, we close the balance of the position and short. Price swoons into the close.

2 comments:

身材維持 said...

thank u........................................

forex-cat said...

nice analysis!!
Thank you.

...(I'd be pleased if you exchange reciprocal link with me.)
forex chart analysis and a cat