Weekly Reports 24th MAY 2008

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SPI Trading 23rd MAY 2008 Recap

Morning Report:-...."At this stage we have a 2-day stall under the 3-day lows, which can often have a 3rd day rejection and price extends down into the 5-day lows.

Because the SPI is coming down from a higher Spiral point on Thursday, then the expectation is price will come down into 5839.......

5865 is also the 5-day 50% level

A bear pattern :- 3-day sell off is....

A push down from 5865 down into 5838 and it just keeps on going down....

Therefore above or below 5865 is the overall trend guide on today...(5-day 50%)"


SPI Recap 16:12

Today's was simply about trading on the side of the 5-day 50% level:- below and it was pushing down....

As I mentioned yesterday:- Support, Rotate, Extend....

Wednesday and Thursday were Support-Rotate from the 5-day lows...

and today was extend, as prices thrust from the 50% level levels downward...
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FOREX AUD/USD 22nd MAY 2008

This is the Price action I wanted to see Yesterday....

there hasn't been a break of the 3-day lows, but if price is going to continue down on Friday, it will be from the 5-day 50% level....with next Week's 50% level once again the trend guide...

Certain things need to be verified for any reveral back down, but keep in mind the June 50% level will be the trend guide on any continuation of higher prices next month.


For those who want to trade AUD actively, but don't want to rely on my report, I have updated a section in 'Trader Set'.

To help you set up your charts, as I've introduced a new 'Time and Spiral' filter for AUD/USD only.

http://thetraderset.blogspot.com/2008/05/forex-audusd.html
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SPI Trading 22nd May 2008 Recap

"The closer it is to 5766 the expectation price is moving back to 5802, which could see price back towards the previous 5-day lows @ 5826.....

I have to view price action in step formation using the 5-day levels in the market:- support/ rotation and extension.....”


Note:- Yesterday's break of the 3-day lows will eventually see a 2-day counter-trend move up towards into the 3-day highs.....Premium Trader"


SPI recap 16:30...

SPI pushed down into the 5-day lows @ 5766 and moved into a rotation pattern back into the 5-day 50% level @ 5880 and stalled.

A 2-day rotation pattern back towards the 3-day highs :- 5972

Will depend on US markets, but will be part of tomorrow's set-up....

Bear pattern:- opens just below 5830 tomorrow and begins to push down :- 2-day rejection pattern under the 3-day lows (5878) and continuation of the sell on Friday, as it pushes down from the Weekly 50% level @ 5830..
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SPI Trading 21st May 2008 Recap

Morning Report....

"If this price action was occurring after the SPI hit the MAY highs (6035-65), then I would say the Markets are starting to unwind into June, and rotating back towards the monthly 50% levels....

Because this price action is occurring short of the MAY highs (6065) and early in the trading week, I have to view this price action is part of a Weekly pull back before it continues higher.

At this stage it's too early to tell whether markets are beginning to un-wind, even though around the MAY highs I'm expecting this to happen. Once again it will be dependent on US markets on Wednesday.

Support:- 5-day lows @ 5826

Today: Price pushes down into the 5-day lows, finds support and moves back towards the 3-day break @ 5878 and stalls for the day.

Price open and moves up into 5878 and then reverses back down into the 5-day lows 5826.....

Therefore I'm factoring in that the SPI won't be trading below support, and not spending too much time above 5878 (3-day low breakout).

And if the SPI moves much higher this week, it will be on the back of US markets rising up off support on Wednesday.

Note:- Price is trading outside the Filter, which often has a bias to push down 21 points on open before finding some short-term buying support.

SPI 16:00 Recap


Today: opens lower pushes down 21 points moves up into 5878 and reverses back down into Support and 5-day lows and price rises up off support….


Just like the SPI moving down yesterday because of US markets coming down. It will be the same on Thursday, based on whether US markets rise up off support on Wednesday.

Price action played out precisely to today's morning report, just like most morning reports I must say...
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SPI Trading 20th May 2008 Recap

Morning Report....

"Overall trend moving towards 6065, but there is still a possibility that the first couple of days in the trading week will rotate down before continuing higher.

If this is the case then we simply use the 5-day high @ 5957.

Often this is the case on Tuesday, where the 5-day high, spiral point low can push down from open and down into the 5-day 50% level 5915, and as far as the 3-day low by Wednesday's open.

Note: 3-day low @ 5878"



SPI 16:00 Recap

SPI pushes down into the 5-day 50% level and finds support...

Whether the SPI continues down into the 3-day lows @ 5878 will be dependant on US Markets on Tuesday....
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SPI Trading 19th May 2008 Recap...



SPI 15:30 Recap

Higher Daily open along with Spiral point, and expectation is to push down 44 points....

Higher Weekly open and look for a move back towards the 5-day 50% level, as part of a 2-day counter-trend move...


A move up into 6065 early this week will be dependant on US markets pushing higher,(SPI higher opens) otherwise I'd look for a move up into 6065 later this week....
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