I wasn’t sure what to write about today until I got a great question from a reader, who hopefully won’t mind my reposting it here: Pebble, I enjoy your analysis, but are you really saying you bought at the low on Friday and you sold at the exact high yesterday? “After scalping a quick 36 … continue reading →
Tag Archives: bat
UPDATE: 10:30 AM Last night’s call on the dollar was timely. Check out the candle on the daily chart — the completion of both a Bat and Butterfly pattern. EURUSD also seems to have put in a bottom, though as mentioned earlier it’s going to take ein Akt des Bundestages (literally) to save the euro … continue reading →
AUDUSD can be viewed as having dropped into a long term channel back in 1997. As its 2011 efforts to break out indicate, any significant upside will be limited by that channel. It now sits at a critical juncture — the last fan line coming off the 2008 lows is the only thing standing in … continue reading →
Nothing to do with markets per se, but this kind of story really makes you stop and think… Anyone who thinks the same couldn’t be done just as easily with a FAB-250 from a Skyhawk is deluding themselves. UPDATE: 3:40 PM The H&S neckline back test we discussed in the 2:20 post below is … continue reading →
Yesterday’s Bat pattern reversal we expected has confirmed this morning. SPX, currently down 7.42, was off as much as 11.90 just after the opening. Bat patterns complete following a .886 Fibonacci retracement of a significant move — in this case, the 1422 to 1357 drop from April 2 to April 10. 88.6% of that drop … continue reading →
We didn’t have to wait long for the Bat pattern I posted at 11am to play out. The .886 target was 1414.97, and we reversed at 1415.32 at 11:50am — closing just a fraction above the subsequent low for the day of 1405.25. I was disappointed to be stopped out of my short position early … continue reading →
April 24, 2012 From both a fundamental and technical standpoint, the long-term, medium-term and short-term pictures are all negative on the EURUSD. Yet, it keeps hanging in there, the beneficiary of a great deal of ECB and, yes, Fed intervention. Here’s the long term picture as of this morning. EURUSD has been stuck in that … continue reading →
EOD: 2:25 AM SPX overshot the Crab’s 1.618, whichever Point X we use. The next major lines of harmonic support are are the red pattern’s 2.24 at 1342, correlating with the purple pattern’s 2.618 at 1341. Given the level of oversold on the day, here’s an alternative view. UPDATE: 11:55 AM The Crab Pattern … continue reading →
JPM has had a phenomenal run of late, but a long term fan line off the Mar 24, 2000 all-time high should put an end to all the fun. It doesn’t help that JPM also just completed a bearish Bat pattern and is back-testing an internal TL that dates back to 1996. And, that over … continue reading →