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The Bear Market Rally May Be Losing Its Gusto

Posted by Slim, 02 September 2011 · 2,238 views

Well it was another choppy week in my opinion as far as currency trading goes, but a few pairs may have made up their minds. GBP/CHF and EUR/CHF have bearish bar/candle formations on their weekly charts . If 1.25186 gives on GBP/CHF and 1.10013 on EUR/CHF, potential targets could be 1.23500 and 1.07000 respectively. Both pairs have aggressively rejected price zones at 1.35000 and 1.20000.

ES, YM, and NQ
ES, YM, and NQ have formed shooting stars on the weekly charts after retracing to the 50 (ES and YM) and 61 Fibonacci levels (NQ). If 1163, 11,200, and 2155 are taken out, major trouble areas or pit stops could be 1140 - 1115, 11,100, and 2128. It should be really interesting to see how strong of a pullback we get, considering prices have flipped between support and resistance at these levels a number of times in the past.

Gold and Silver
Gold and silver stayed within last week's range, but closed in bullish fashion as far as I am concerned. If the highs of this week are broken with enough momentum, both should easily test 1911 and 44.21, and may even soar higher as breakout plays. If anyone has any questions, don't hesitate to ask or leave a comment. And trade safe, cause pippin ain't easy.

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Nice work thanks for the contribution to the trading ideas. For those not familiar with candlestick charts a Shooting Star is explained here.

http://www.onlinetra...ootingStar.html
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Hey thanks SuperCycleBear! And thanks for the link too.
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