Ganaje

Twice...............

Tuesday and Wednesday prices went down from the upper to the lower end of the 60M channel. Yesterday price went back to the median and is now sitting there. Yesterday afternoon a range formed with the high being a new top. Today we opened in the same range and at the open immediately a test of that top. At the moment price is trying to break out to the up side. Price did breakout and did form a new TR and now again a breakout. Seems there is always a retest of the high of the TR after a breakout up before going higher. On the other hand price did fall out the TR, but after a retest did not go down again but back into the TR. These nuances are key a think. Bit messy with the ADP report. After a spike price went back into the TR, but not for long. Now it is still trading above the TR.

During the evening session on Friday price did slowly rise to new highs. Today the market opened with a little gap, took off immediately, broke the 60M upper channel line and formed a range. Right now price is back in the channel and broke out down from the TR. Let's see whether it goes all the way down to Fridays high. I switched to futures data (instead of CFD), it is more clean. Also trading is from 08:00 till 22:00 instead of 09:00 till 22:00. So, no gap and no break of the upper channel line (60M), a nice test though. Price did indeed go back to fridays high, it waited a bit around the markets open and is now trading at the pre-market open. Couldn't watch this afternoon. Seems a TR has been formed between pre-market low and market open high. A breakout to the upside and back to market open high.

A little preview for you guys from overseas . Continuation of yesterday afternoons trading range, from the open a test of the low and high of the range. A little peak above the high but no buyers were found, price went back into the TR and found support on the MP for a while. Then price went down fast to the other site and spend some time there, a retest of the MP and down again to the low of the range and beyond. Let's see whether support at 481 holds. NB This is the (CFD of the) future of the Dutch index (AEX). Some context with the daily and 60M charts. On the daily price is trading above the MP for more than a month and for the second time above the upper channel line now, let's see whether it can stay there or falls back into the channel. Conditions are overbought, but on the 60M things look a bit more relaxed, can it stay above the MP? Well, 481 didn't hold. First a retest of the lower limit of the TR and then down through 481 almost to the high of yesterday's TR, right now back up to 481. We probably stay in this range till you guys wake up... Oeps, never assume... That 481 level doesn't seem to be important. Price shot backup to the low of the TR, looks like we have a new trading range between 2 TR's. Seems that way, price fell all the way down to the top of yesterday's TR, with a spike into it but was quickly recovered. Also note the median of the 60M channel (dotted blue line). Just before the US markets open and we are back at the top of the new TR. Right from the open price went up into the previous TR to test the high once again, then back to the low and seems to break out now. Nope, big spike, but price was driven down quickly back to the MP. Well, from the MP price was slowly going up and eventualy broke out and doesn't seem to look back. Midpoint=springboard? Price did look back (a bit) at the close of the market, but right after it started rising again. Uncharted territory, new highs (at least for the last 8 years or so).