27 February 2013

Big Picture : Risk OFF

  • 2 more trading sessions before month end. A look ahead to what the month end charts might look like if prices close near here.
  • GBP/USD : Big triangle break confirmed with massive downside potential.
  • USD/CAD : Triangle upside break almost certainly confirmed, though a bit more momentum would be comforting.
  • USD/JPY : ISHS met and exceeded objective, but now back under. Gravestone doji candle looks likely = possible reversal on monthly, a pause in uptrend certainly.
  • Copper : Still playing out within the triangle, but note triangles = continuation patterns. Like cable, potential is huge. Wait for the break!
  • Together (assuming Copper breaks down) = Risk Off. So, focus my efforts on catching Risk Off for March.
  • [All important EUR/USD not presented here. Recall someone once told me off here for calling it "untradable". Monthly chart still is untradable, even now after so many months]

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