A Class Action...
Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it. ~ Warren Buffett
Chart 1 Gold Four Hour Chart
The move down has been immense! $60 down from the highs and our indicator showed why it was time to sell. Our charts early in the week gave may sell formations and even on Thursday we issued a chart with the above yellow triangle. The volatility was whipping about and it was clear that the market was rocking. The yellow triangle sell mapped with the yellow circle shows how price slid further.
We have broken the green upper channel and it seems likely that price will move lower. Moving above the green line can move the rally back into play but it is not likely and a break of the red channel range lines will likely produce further downside.
Chart 2 Dow Jones 1 Hour Chart
No real blood bath session on Friday but downside selling was certainly present. We have produced a rally in the session which is suspect and should reverse totally as the Nasdaq is lagging and the market's strength appears to be waning. We broke out of the yellow channel to the upside but this was hardly upside. It's more like another test of the original breakout area in which the area is marked by the blue lines. Snapping of the blue lines will produce further downside.
The green minor trend line snap will also be another sell in itself. Ultimately if you're sitting on the sidelines then let the wider red range lines decide and inform you of the next big move for the Dow Jones.
Chart 3 Crude Oil Four Hour Chart
Emphatic moves were provided by Crude Oil last week and tradingmarketsignals.com shed light on these very moves for the whole of last week. This market is a personal favourite of mine contrary to many traders who find it the most difficult.
We provided a great Buy at the red upper red line. Then we provided a sell at this very upper red line when the price pierced it to the downside. Provided another sell signal when the lower range red line folded and ANOTHER when the yellow line gave way! The dark blue line shows the nice decline. Taking out the dark blue line to the upside may provide some respite but taking out the large upper blue previous range line will be detrimental in which price will likely collapse further.
Chart 4 Dollar yen Four Hour Chart
Previous comments:
Previously we gave the buy signal in line with the red channel breaking to the upside. The blue line of resistance was also pitched! Notice how the dollar/yen even hit the blue line and halted before taking it out. Now currently we have brought in the yellow line of resistance from which the price has significantly backed off. However it has halted back at the blue line and can easily move higher. Dollar weakness on the other would take out the blue line to the downside and lead to the lows again/new low. For the moment the upside is favourable.
Today
As the mentioned favoured upside tradingmarketsignals.com is happy to see price advance.
Price was over 100 points lower sitting at the blue line support when we expected a rise to occur. Currently we've taken out the yellow resistance line where price had stalled a few sessions ago. It is important to base above this line whilst continuing with upside. Snapping the yellow line will likely see a test of support again. Do not even think of shorting this one as the extreme bearishness can see this ping up extremely! If it moves lower then so be it but if it moves higher you don't want to be standing in its way!
Chart 5 Euro Four Hour Chart
After sell signals in line with our TMS system at 14280....we simply have an amazing move under our belts!
What are we watching/waiting for?
'A snap of the red channel will simply be like the kiss of death'
From Monday-Friday during the trading week, we provide charts such as the above with invaluable remarks that go onto unfold major key moves almost instantly. TMS also updates members with its commentary and charts for wider timeframe moves. Last but not least, we provide you with real time TMS system triggers for short-medium term moves and position signals for major moves that can last for many months in relation to trending markets.
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