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Monday, March 22, 2010

Forex managed fund price action London open to New York

[1:39:09 AM]  (Joel): I would watch for support to come in at 1.3510 making this an inverse head and shoulders on the hourly chart with an upside target of 1.3680 then a retext of 1.3810.
[1:39:50 AM](Joel): If we get failure on the 1.3680 then the resistance will give us a 20 - 30 min consolidation on the reversal to new lows.
[1:42:48 AM]  (Joel): ON the down side target breaking first resistance level at 1.3510, I would look for a quidck move to to previous swing low, then a move through to new lows at the 1.34 - 1.3388.
[1:43:09 AM] (Joel): Under there, it is sayonara Euro and hold on.
[1:39:09 AM] (Joel): I would watch for support to come in at 1.3510 making this an inverse head and shoulders on the hourly chart with an upside target of 1.3680 then a retext of 1.3810. [1:39:50 AM] (Joel): If we get failure on the 1.3680 then the resistance will give us a 20 - 30 min consolidation on the reversal to new lows. [1:42:48 AM]  (Joel): ON the down side target breaking first resistance level at 1.3510, I would look for a quidck move to to previous swing low, then a move through to new lows at the 1.34 - 1.3388. [1:43:09 AM] Joel): Under there, it is sayonara Euro and hold on.

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S&P 500 Emini Day Trading Gap Tuesday March 23, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2136" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Tuesday March 23, 2010"][/caption] S&P Emini 500 Futures took about 30 minutes to fill the morning 6.75 point gap down.  Prices rallied up towards the 1165.00 resistance area, but never quite got there.  Traders are looking for some volatility to reenter the market.  Volatility, as measured by the VIX indicator, has come down very rapidly since the 96.40 high of October 2008.  Currently reading 16.87, the VIX is approaching multi year lows.  As prices go up, the VIX goes down.  The current volatility decrease is the highest percentage decrease since the VIX was started in mid 2000.  That means, for day traders, the probability of a downward correction is significant.  If there is a big correction, look for initial long term support at the 1010 level, with the 900 level a definite possibility.

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EUR/USD price action held firmly under the 34 EMA and the 34 EMA held firmly under the 89EMA on the 15 min chart. We finally got a break out to the down side with an proximate 50 pip move. We will see what New York has in a few minutes but this last run was quick and hard to catch. FXDMG

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EUR/UDS is currently wedged between the 34 & 89 EMA on the 15 min Chart, basically where we started some 15 hours ago. If it holds here for the next hour or so it might take the New York market to move it out. Keep your eye on the 15 min chart

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After breaking the down side bias EUR/USD rose just above 1.3540 level before dropping back to its comfortable 1.3530 level , which you may remember, is where we started the day. If you road the market down you probably pocketed at least 10/15 pips AND if you road this light volume up from just above the figure you should have pocketed another 20/25 pips. Not a big day but it isn't over yet. It is now 09:35 GMT and New York is still six hours away. I believe that downside bias is returning and looking at the 15 min chart we are stalling and reversing for another run at the figure. FXDMG

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