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Fri, 15/02/2013 - 12:54
Tags: Two Classic Charting Techniques Warn Of A Stock Market Top
On the attached weekly chart of the S&P500 index, we have plotted an Andrews Pitchfork, together with Fibonacci Retracement and Projection levels.
A German In Las Vegas
Hans, a middle-aged German tourist on his first visit to Las Vegas, finds the red light district and enters a large brothel. The madam asks him to be seated and sends over a young lady to entertain him.
They sit and talk, frolic a little, giggle a bit, drink a bit, and she sits on his lap.
Once per month EUR/USD has an ID/NR4 day - as yesterday
On Friday EUR/USD had an ID/NR4 day. An inside day (ID) has a higher low than the previous day's low and a lower high than the previous day's high. An NR4 is a trading day with the narrowest daily range of the last four days. Historic data shows that in the last 24 months it has occurred 30 times with the EUR/USD pair (on average 1.25 times per month).
Short CAD
As of 23 Apr 2011 on the daily chart USD/CAD has completed a triple divergence: MACD lines, MACD histogram and Stochastics. On Thursday 21 April, we had also a “rejection tail bar” on the daily chart, very often a messenger for a price reversal.