Friday 8 April 2011

EURUSD...looking a bit toppy at 1.4440?

















































Have a look at the charts which are the same template but with different time frames. There is a confluence of resistance at the 1.4440 area....No short position yet but watching for the 'turn'. A correction-when it comes should have some 'meat on its bones' and even a 23.6% Fib RT would suffice.
1. look at the B-line indicator in the highest TF...will the short stochs turn under the thick 25-10-1 B-Line?
2. Look also at the RL's and how they have played their role in this trend like a game of snakes and ladders as price ascends through the RL grid matrix.
3. Look at the RL to the RHS of price in the 5 min chart and watch the confluence of the D/S warning line and the D-S RL. We have divergence building in RSI and MaccyD.
4. Remember all these RL/WL's are drawn by auto custom indicator and not manually but the true position of a line is a subject in itself. I believe there are at least 3 locations for every line and can prove it. This in effect means for every line you have three sets of different reactions which create a channel through which price moves with a top line centre line and lower line.

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