week 5

[torero]

It's at the Asian Low and just below 50% retracement, let's see how it takes this support.

[steveshutts]

Hi Torero,

Very dull day today, lets see if the US brings us some action.
Cable just pushed through the asian low but this is one of those cases where it is at a key support level on the 240 chart so, as you mentioned, this could be a turning point here, it doesn't look like price is going to follow through at the moment.

[Anna-Maria]

	Quote:	steveshutts
	Cable just pushed through the asian low but this is one of those cases where it is at a key support level on the 240 chart

More importantly, it's the long range weekly support area too. The 240m chart highlights the 'confluence' area with that 61.8 line from the recent higher low leg up on Cable.

A good buy area with corresponding lower frame triggers - if only to check the resolve back to short term (hourly) range resistance!

[torero]

Excellent chart, tex, and glad to see you back! No wonder it's been hanging around this area for so long. We'll see if it can hold or start lifting.

[Anna-Maria]

If it fails to prop here, there's a bit of Daily support lower down @ c9450 which is the 78.6% zone on that 240m graph + a weekly S1 pivot camp.

It's slowly & lazily displaying lower tops on the hourly off last weeks highs, so this weekly support zone is a pretty decent flag for Bull-Bear (near term) strength.

Can always flip to a stop & reverse stance if the lower frames signal a stall & shunt to the short side - we'll see huh!

ps: Still experiencing hangs & delay's here on posting etc. You guy's finding things a little better of late?

[torero]

yes, tex, it's gotten better and faster, but there are days, it'll act up. Soul harasses programmers constantly to get the site to hum like a ferrari, but once in a while it hums like a FIAT LOL!

I see the major resistance here, but it's trying to finish off the rest of the bull stops before going higher?

[Anna-Maria]

I'm peeking at the hourly for the near term resistance stalls torero.

As a coincidence? Buk has todays Pivot lines marrying up with a couple of the markers I'm spying. The 9688 zone is also the main Weekly Pivot area, so alongside the natural s&r lines, we have some likely upper side turbulance to navigate should price manage a push North.

The demand area below at that Weekly support + last weeks lows was sufficient (in my book) to trigger a long, & the lower graph with the 15m bars displayed a probable lower risk upside trigger.

Like I said, the follow thru needs to kick it up with supporting deals, otherwise it's suspect to weakness & the $ Bulls will merely soak up the activity & drive it back thru the confluence supports back towards the lower Daily lines.

I sure won't hesistate to book some profits up here if it begins to stall & blow out.

[Anna-Maria]

And of course, if hokshila's done his math this morning he'll no doubt have calc'd the S1/S2 % supports (based on the 9591 NY close of Friday) @ c9557-9543.

A good enough secondary reason to fade it back into the range, even for a lazy intraday strike!

[torero]

Decided to take a chance after seeing a higher low and on the first small breakout action. Let's see if it can take it higher, I'm giving this baby a bit of room to maneuver so placing my stop below a major support area. See how it goes.

[hokshila]

Tex, math? what math? Don't know what you're talking about...

I love those babies. Work like a charm.

I've been most of the day out of my office, but I saw a couple of spots good for
scalps. However, I'm trying to follow your advice and go just for A Grade
trades.

Basically I'm watching the same levels as you. I corrected my fibs to match
yours and watching the action around PW low level.

I'll patiently wait and see what tomorrow brings.