FOREX GBP/USD 17th March 2008 part 3

GBP/USD Daily and intra-day charts

Earlier Report was looking for a rise upwards from the 3-day lows and looking for an exit zone. The rise upwards was 110 pips before reversing back down and taking out the 3-day lows.

When looking at the Daily charts there is a lot of support around this level, but we would need to see where GBP closes today.

At this stage it looks range bound for the rest of the day, trading below the 3-day low break on Monday.

DOW E-mini 17th March 2008

DOW and E-mini Daily charts.

US Futures have moved down into the Weekly lows during the night session.

Keep in mind that this report is being written at midnight US time, and over 8 hours before the markets open on Monday. (day session)

Weekly lows are Risk levels for Monday, which can support the market early, but I think price will continue down on Monday, with the same pattern of heading down towards March lows.


In Sunday's trading US markets rallied, with the DOW futures rallying up from 11919:- Support.

Now on Monday we have a break of Sunday's support and the expectation that US market's are pushing lower into the Support levels on Monday.

In conclusion:- Early support Weekly channel lows, as shown in the Daily charts

Resistance 5-day 50% levels in both Markets, which matches the break down of Sunday's support.

And a push down into Support levels, as markets move down towards March lows in both the DOW and S&P.

FOREX GBP/USD 17th March 2008 part 2

GBP/USD intraday charts

This is the price action that I wanted to see occur, a test of the 3-day lows and buying support to come into the market. already there has been a +43 pip rise off the lows...

Support:- 2.0102

Trend bias:- 2.0145 (continuation)

Target 2.0236..

SPI Trading 17th March 2008 part 6

SPI 13:13

A wild day on the markets, and it's a good sign to see major buying support coming in around the March lows.

Now it depends on how US markets will react on Monday.

Full US report later.....

SPI Trading 17th March 2008 part 5

SPI 11:35

SPI has pushed down into March lows hitting 5058

Previous R44 low provided an R22 rejection, didn't trade it, but took the next one @ 5092

Exit 5074 +18

This down move into the March lows can find some support until the afternoon, as it has moved a great deal before lunch.

Next SPI post after 15:00

SPI Trading 17th March 2008 part 4

SPI 11:17

SPI being pushed down and following the overall trend down...

BUYing support has come into the R44 lows, but at this stage it's hard to see much upside with price trading below 5131.

There are no intra-day ranges that are standing out, besides the R44 range, because there hasn't been any consolidating price action taking place so far today...

Expectation remains weakness towards March lows.....

FOREX GBP/USD 17th March 2008

GBP/USD Weekly and Daily charts

GBP is trading around the Quarterly 50% level, and above all other higher timeframe 50% levels. At this stage GBP is expected to head higher this month, however I would like GBP to come down and re-test the Weekly 50% level to verify the trend....

GBP intraday charts

GBP is trading around the 5-day 50% level, and in Sunday's trading price went down and tested last week's breakout. Therefore there could be a rise UP on Monday back into resistance around 2.0303.

I would still like to see GBP to come down test the Weekly 50% level and 3-day lows for the next UP move to begin the next day.

At this stage I see any UP day on Monday as a stalling day into resistance.

SPI Trading 17th March 2008 part 3

SPI 10:33

SPI moved into a double R44 range today and is coming down from an R44 high, with the expectation that price is moving down into an R44 low.

I didn't expect such a big rally on open, but this was helped by the rally on US futures at the same time.

Short 5170 partial exit 5154 +15 (Trailing stop 5173)

SPI 10:36

Exit @ 5144 +26

On Sidelines until afternoon... no more trading until things settle down

Note: US futures markets have come right off, and the SPI is back under the Weekly lows from last Week @ 5165.....

SPI Trading 17th March 2008 part 2

SPI intra-day charts

SPI 10:15

SPI moved up into the gap @ 5131 and has pushed back down.

trading below 5131 and expectation is to move down, or I hope so...

Short 5129 partial exit 5113, 5106

SPI Daily and intraday

Trailing stopped out @ 5132 -3

SPI moving up into the Weekly lows @ 5165, but looks like it's stronger than normally, with US future markets UP...

On sidelines.....

SPI Trading 17th March 2008

Please Read the Weekly report before proceeding...

SPI Daily and Intra-day 44 point range chart

Weekly timeframe has shifted lower and expectation that the Australian Market will begin a down move towards the March Lows.

Trading below the lows of the previous Weekly timeframe @ 5165, and the next support levels are the March lows @ 5056, and then the 5-day lows.

Today:-

Depends on where the market opens, but a lower open (spiral-point) will often try and move upwards (44 points) before continuing down.

When a lower open occurs and begins to push down early, the market will often form a 22-point rejection pattern and then continue the downward trend. This often occurs below a 5-day level.

Today there isn't a 5-day level for this pattern to be verifed, therefore the trend bias for Monday is the low of the last R44 range @ 5131.

Below 5131 and the trend is down.


Note:- Financial stocks are coming under pressure once again because of the Investment bank Bear Sterns in the US, which you would think will have a negative impact on our market today, and complete the Move down into March lows.