Thursday, November 24, 2011

The Longer Time Frame

Pulling up monthly and weekly charts, putting things in perspective. I don't trade from these times but I do use them for reference when bombarded with daily/ minute by minute doom and gloom reports.

First up is AUD/USD :
 On a weekly chart we can see a  past triple top that should give us support around .9370* and would also create a double bottom.
RSI, MACD signal lines and STOCH'S seem to support this target as well.


Again looking at a weekly chart, it seems to be heading toward 1.0670* area for least
Looking at the indicators: RSI, STOCH, MACD still climbing with the 50 sma flatish...hooking upwards ever so slightly...keeping an eye on that


Monthly chart...we are about half way into this descending channel...NO it's no guarantee it will follow the path down but once we break that center line...the odds get better.
Like I stated earlier, few of us trade from a long time frame, it's just something I keep an eye on.

at present I am long  US/JPY and will add smaller positions if it drops...REASON: INTERVENTION

I am also taking longs off the 50 sma with the US/CAD...30m and 1H charts

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