CFD Report - part of the EarlyBird Report 7.30AM

Summary

The US markets and the European markets are trading quite close to their last highs, they have not had a correction on the way up, so it’s only logical to assume they will run into profit taking over the next few sessions. If they were going to fail it would be from these old highs and you need to build this risk into your won strategy, perhaps by locking in some profits if you are a short term trader.

The ASX200 and the Shanghai markets are doing much the same, after today they would have developed there first set of five waves up (impulse wave) once completed they will have and abc correction, this abc correction would likely take out stops, so it’s worth scratching your head for a little thought. Because we now have these five waves up, we will get another five waves up, well after the abc correction, so the medium term is looking good for us Asians.

So as the US and European markets face their old highs we would be facing the abc correction.
Our AUDUSD is touching on 108 the profit taking level and will be having its abc when our ASX200 has its abc, but I expect the AUD to eventually make new highs above 110, the main point in mentioning this is that it is a lot of money flowing into the country, the fifth largest trade currency with Australia only having 1% of global GDP is a mighty effort, anyway this will help the local market, the other part of the mix is the base metals and Copper will remain steady at 430.

So the only element to navigate is a pullback Wed / Thursday, so the logical thing to do here, is lock in some profits and the proactive to look for a few weak markets to short such as HVN.
Just another point, if the AUD is going to climb which companies would benefit from this and which would not?

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2  September EarlyBird Report ( Summary only)

CFD Report

Summary

CFD Report

The current weakness at a guess is the market pricing in the NFP figures coming out tonight in the US based on the ADP figures from last Wed.
The Dow is simply about having the 11500 as support or resistance this creates the bias to be long or short in the market locally. Yes the price is under 1150 so the bias is weighted down however the retest has not occurred as yet and this is important as it shows the sellers supply is there and we can work off that.

You know we are searching for the elusive top and yes this can be it. I know the Treasuries are in a wave 4 and ready to push up, but it hasn’t confirm that, but its clear it will, this means down for the yield and down for the stocks / Indices.
Other and more confirming element is coming from the currencies, that is the US dollar is pushing higher and the Euro dropping lower and their internal structure are impulsive.

So we are now starting to see the first real possibility of the market turning.  But it would be nice to see the internal wave structure in the indices confirm this, as mentioned earlier in the week I thought we would be shorting early next week and that is still the case, however we can make a start today, but just realise money placed today is at risk simply because we cant confirm the turn via the internal wave structure of the equities.  
CFD Report
Trading Quote
Remember, the market is designed to fool most of the people most of the time. Sometimes, the market will go contrary to what speculators have predicted. At these times, speculators must abandon their predictions and follow the action of the market. Never argue with the tape. Markets are never wrong, but opinions often are. I only try to react to what the market is telling me by its behaviour.- Jesse Livermore

CFD Report

EarlyBird CFD Report – The day ahead
5 Sept

Dow Jones Cash 11,493 -1.03%
Base Metals Negative
US Gold CFD: 1829
Oil WTI CFD: 88.96
Copper CFD: 414
US Dollar CFD: 74.52
EURUSD 1.4266
AUDUSD 1.0750
Dow Jones CFD 11,500
S&P500 CFD: 1,206
FTSE 100 CFD: 5360
SPI CFD 4257

US News
Investors dumped stocks and sent Treasury yields to record lows Friday as a dismal jobs report renewed fears of a recession.

The Dow Jones Industrial Average tumbled 253.31 points, or 2.20%, to 11240.26, falling by triple digits for a second-straight day. The Standard & Poor's 500-stock index lost 30.45 points, or 2.53%, to 1173.97, while the Nasdaq Composite slid 65.71 points, or 2.58%, to 2480.33.

Financial stocks led the broad retreat, with Bank of America plunging 8.3% to lead the Dow decliners after The Wall Street Journal reported that U.S. regulators asked the Dow component to show what measures it could take if conditions for the bank worsened. Bank of America is now down 46% this year.

J.P. Morgan Chase and Goldman Sachs Group declined 4.6% each after reports that the U.S. Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, is preparing to sue some of the nation's largest banks over soured mortgage bonds in a bid to recoup billions of dollars in losses from the failed investments.

Commodities

US Gold CFD: 1881
One of those unusual moments when Gold and Dollar move together, I have always figure that the price would reach TL2 2,000 and then do some sort of large correctional pattern across 2,000 just like any stock correcting through 2.00 or 20.00 dollars, there are only three basic patterns that can occur at levels, any way back to the current situation, the market can still be in the ABC pattern unless it takes out the high around 1910, we can see that at the moment that gold is traveling inverse to stock and while treasuries are pushing higher the yields are moving lower and even though the US Dollar is moving higher as expected and a long way to go as the trend is just starting there, traders just haven’t picked up on that yet, but they will. The larger correction we will see at 2,000 is likely to be the bounce from the Dow at 10,000 this will be from announcement from the Q3, the bounce will run out of steam and turn down again.
Expect a reaction at 1,900 for Gold.

Oil WTI CFD: 86.54
Yesterday in the video we were looking at the two last daily bars we could see their closing prices trading off the highs close to 90 the MediumLevel where the supply is sitting and now we are seeing the supply out supplying the demand at the first level 88 (mTL8) the next is 85 (mTL5) below this level brings in the 80 (TL8) and sure there is Minor Group1 81, 82, 83 and they will deliver a rough ride especially 83 the top of Minor Group1 but this is all normal, once the demand at the Midpoint 85 is gone then it’s the 80, on a subtle point the sublevel 8650 (50% between 5 and 8) as support or retested resistance is where you would add or subtract positions. I mentioned the Daily Robo works wells here, but once the price is between 83 and has retested 85 as resistance switch from the daily Robo to the weekly Robo as the Minor Group1 (MG1) will get choppy

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 4.12-
US Nickel:             Last: 9.75+
US Zinc:                Last: 0.98-
US Aluminium       Last: 1.08-

Copper CFD: 411
In the last video I mentioned that I wasn’t quite sure if the top was in or there was another wave higher before the correction top was in place, well the move down for this market is still too early to offer the evidence required.
The move down as said before can be the wave four, if the price moved down through 405 then a top would be in place at 420.
The current price will find support at 410 (mTL1) and it’s the fourth wave of one lesser degree it’s were the demand is sitting.
In terms of trading a retested 410 as resistance and failing is the short to 405 and longer term traders can just take on more risk and keep the stop higher above 418.
It will take one or two sessions to see what to internal wave structure will be, so just trade the 410 as support or resistance, the 408 and 407.72 are the next degree lower to work with below 410 and above is 413 as support or resistance.

Forex

US Dollar CFD: 74.80
75 (mTL5) is the next resistance and the top of Wave 3 expect a correction as wave 4 and ABC correction then a push higher.
The MinorLevels are 75 then 78 the MajorLevel is 80 and the sublevel 8650 will also be a player.
The correction at 75 can see the price move back lower to the fourth wave of one lesser degree 7450 to 7430

EURUSD 1.4205
TradingLevels: The first leg down is in its later stages, the 140 is the main support in this area however the 141 and 142 zone are likely low area, we can hone in on the Elliott count on tue after the US holiday when the volume is flowing, however the low of the first leg down is not the important aspect it’s the rally targets that will be important for adding to the short trade
Trade Strategy: The Dollar will find the 75 as resistance and the Euro 141 or 142 there will be a corrective pattern but we are just observing the correction getting ready to add to shorts. Scalper and hourly traders just use the levels

AUDUSD 1.0642
TradingLevels: The retest of 107 as resistance certainly helps with confirming a top in play, there’s not enough evidence in the wave structure downwards to confirm the structure down as impulsive, but it does appear so, a move under the 106 would probably offer the evidence within the structure
Elliott Wave: I will start counting the move down as impulsive rather than corrective, the retest at 107 can be wave two and wave three down underway
Trade Strategy: Stops above 10720

Indices

Dow Jones CFD 11,218
TradingLevels:  The price could not find support on the 11 650 and the high close to 11 720 the 72 were helpful and not a good enough retest of support on the MediumLevel 11500.
Look for a bounce off 11,000 or 11,100 back to 11300 and possibly 11500 retest, once the price is trapped under the 11200 on the second retested them it will move lower
Elliott Wave: Finally, the move down, those dam corrections can really test your limits.
Now that we have seen a strong move down we can assume’ the Wave 5 to 10,000 is under way. The current structure down does not have a completed impulse wave (five waves) and even when it does it can still can be wave (i) or  wave (a) a corrective wave, because we are in a Wave 4 it can get still yet more complicated, so we can only assume the Wave 4 is completed, we may not know until mid or later next week. But for trading purposes on the ASX we can be short, well our net bias in trades is already short      
Trade Strategy:  Understand the five minute Elliott wave count them work with the levels, I will go over the 5 minute Elliott count in the video

S&P500 CFD: 1,170
TradingLevels: Supports 1172, 1150, 1130, and 1100. with the target at 1,000 TL1
Trade Strategy: Expecting the August 9 low to be taken out, but as mentioned in the Dow Jones notes we don’t have the evidence that Wave 4 correction is actually over it, we are assuming so, there is risk in such opinions so trade the levels but have the bias to the downside in looking for set ups

FTSE 100 CFD: 5254
TradingLevels: A move under 4200 would confirm Wave 4 is completed. In the meantime trade the levels with the bias short
Trade Strategy:  If you’re looking for the longer term trade then build it short, that is use the 5000 as the centre line and the resistance to add to positions with a target of 4500.
Scaling in above 5000 through Minor Group1 would be something along these lines, the amount you first start with say 100 the second position would be 50 and the third 25 and so on, once the 5000 is the retested resistance then start the process over again

SPI CFD 4257
TradingLevels:  The main point here is within Minor Group1 and that is 4200 the balance the centre once this becomes the retested resistance then the price is part of the 4000 MediumLevel and this is turn opens the door for further downside.
Because the price could not find support on top of Group1 4300 it could not go higher this is a very important point when using any group1  
Trade Strategy: The move down is only in three waves I would expect it to turn into five waves. Once we get fives waves down, then that will be Wave (i) ( around 4100) then Wave (ii) up ( 50/62%) then Down though 4000 as Wave (iii) expect the August 10 low to be taken out.

Summary

The evidence using Elliott is not there to confirm Wave 4 in equities markets is complete, we can assume they are and continue working short trades with caution.
If the Wave 4 is complete then the August low in all Indices will be taken out.

US Holiday on Monday!

Trading Quote
The qualities essential to the equipment of a speculator are judgment, self-reliance, courage, prudence and pliability. To these could be added another quality, patience.”----Dickson G. Watts,

Wyckoff concluded: “If you do not possess courage, self-reliance, patience, prudence and pliability, cultivate those qualities. . . . You must train yourself . . . make a searching analysis of your own mental process.”

Is it volume which causes price changes, or do price changes cause volume—the hen or the egg, which came first?

Today's Financial Events
Time     Currency   Detail     Forecast    Previous
  
9:30am  AUD        AIG Services Index     48.8  
10:30am  AUD        MI Inflation Gauge m/m     0.3%  
11:30am  AUD        ANZ Job Advertisements m/m     -0.7%  
11:30am  AUD        Company Operating Profits q/q    3.1% -2.0%  
5th-8th  GBP        Halifax HPI m/m    0.5% 0.3%  
6:00pm  EUR        Final Services PMI    51.5 51.5  
6:30pm  EUR        Sentix Investor Confidence    -17.5 -13.5  
6:30pm  GBP        Services PMI    54.3 55.4  
7:00pm  EUR        Retail Sales m/m    0.1% 0.7%  
All Day  CAD        Bank Holiday      
All Day  USD        Bank Holiday      
9:01am  GBP        BRC Retail Sales Monitor y/y     0.6%  

CFD Report

NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this report is written while markets are closing/trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

CFD Report

CFD REPORT
SPI CFD

18 Sept EarlyBird CFD Report Summary

US Indices, If a top is not in over the next two sessions, then it can last to the next window which is the 27 September.
The case for the top in now is the Dow Comp retesting 4000 on Friday and the trading ranges and the lower volume for the Dow on the last two sessions creates weakness in the current rally.
As mentioned before we simply meed to allow the Dow to play out 11500 even though it can trade above it, it is a game of support and resistance.

The Copper market (base metals) has retested the MediumLevel 400 (ML4) and failed, this will create resistance for the Asian markets including ours on the ASX200 4172 – 4200
Oil also traded low not following the Dow, however we would need to see it lower under 85 before calling in a top there at 90.

The other element is the US Dollar which is starting to see some support move in even though it can more lower, the support here will create the top in the Dow.

So this incoming support for the Dollar and the weaker metals and energy should keep the ASX200 under the 4200 The other small point is the Shanghai working under its MediumLevel 2,500 as resistance.

CFD Report

EarlyBird CFD Report – The day ahead

Dow Jones Cash – 11,419 +0.16%
Base Metals Negative
US Gold CFD: 1802
Oil WTI CFD: 86.71
Copper CFD: 371
US Dollar CFD: 77.48
EURUSD 1.3680
AUDUSD 1.0220
Dow Jones CFD 11,445
S&P500 CFD: 1,206
FTSE 100 CFD: 5325
SPI CFD 4102

US News
U.S. stocks pared a Tuesday advance in the final hour of a session that was dominated by bets on a rescue for Greece and more stimulus from the Federal Reserve.

With less than an hour remaining, the Dow Jones Industrial Average gained 58 points, or 0.5%, to 11458, after rising by nearly 149 points earlier in the session. The Standard & Poor's 500-stock index added 3 points, or 0.3%, to 1207 in recent action. The Nasdaq Composite had turned negative, losing 13 points, or 0.5%, to 2600.

Traders cited a mix of late-day headlines that included a warning of a looming shutdown of the U.S. federal government and renewed concerns over Greece's progress in securing another tranche of aid needed to stave off a default. Relatively light volume one day before a much-awaited statement by the Federal Reserve's policy-making committee also appeared to play a role in the late-day volatility.

Commodities

US Gold CFD: 1802
The Gold does not have a clear support on 1800, there is the support from SG2 1765 I 1772 I1780 as long as this hold we can wait out for a strong support on 1800 with the long triggers through SG1 and especially on 1830.
If we do see a strong out come from the US Twist we may see Gold move down, this would happen quickly, so the trade set up could be a series of sell orders through SG2 with stop above 1833

Oil WTI CFD: 86.71
The bounce off 85 is the wave four that should stay under the 88 and eventually chip away at the 85 support

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.75-
US Nickel:             Last: 9.56+
US Zinc:                Last: 0.93-
US Aluminium       Last: 1.02-

Copper CFD: 371
I think this is the key pivotal market and its down again and more so in a third wave style, that is fast. The 380 had a small retest and there will be some support at 372, 365 and then the next MinorLevel from 380 mTL8 is 350 mTL5.
This is important for our markets and the SPI or US BHP did not make new highs, this was like when the Dow move to 12800 and the ASX couldn’t get past 5000 the Dow had more range reaching higher, Asia is bearish based on the metals.
CFD Report

Forex

US Dollar CFD: 77.48
4:15am  USD        FOMC Statement      
Following on from yesterday, we understood that the price would pullback from the 78, and the Dow would push up, the question is how far will it pull back to the 77.30/20, 77.00 or the 76.50 – 76.00.
If the price pushed up above 77.72 then the Dow would push higher and also the Euro lower, but while its under the 77.72 the bias is negative, support on 77.50 is hopeful otherwise you need to keep looking at the next level mentioned above.

EURUSD 1.3680
TradingLevels: There are two count for the intraday (see charts) support on 137 would see scaling in through SG1 looking for support on the 13730, the resistance supply is at 13772.
The short side would see the 13672 as retested resistance
Trade Strategy: The main trend is down (Weekly Robo) The intraday can move to 138, so the 137 is the line in the sand and the SG1 and SG2 either side are the levels to scalp or build a trade  

AUDUSD 1.0220
TradingLevels: The rally travelled from 102 to 103 nicely, the reaction and then, now finding support, once found can push higher through 103, however you should know the Classic TradingLevels pattern that can occur at a level, if so then this will improve your market timing. The key level here is the 10272 it just hasn’t become apparent as yet, this market can rally higher and should be seen as a retest of the Midpoint 105 but may not reach this level. The current support for the price would be back at the 10230/20 area. The other aspect is the Copper market it was down again and will  weigh heavily on the AUD
Elliott Wave: The Wave (v) down is completed and the rally is under way
Trade Strategy: Trade sublevels until we can see the rally pattern clearer the move from 1.015 to 1.0310 may be complete as the rally or just the first leg of an abc rally, The FOMC meeting is the next important event.

Indices

Dow Jones CFD 11,445
TradingLevels:  The top is still playing out at 11500, and we have seen this small new high which helps completes the Wave 4 Elliott Flat pattern, but as mentioned the 11650 is also probable, a few good retests of 11500 as resistance is what we are looking for.
The FOMC is the important meeting tonight in the US the Feds will talk about the Twist adding 300 Billion to the system via the bond market, if this fails then they will look at the Q3, we would expect the Twist to fail and the Feds to implement the Q3 around the 10,000, but this is not my field of study, we are only patterns and support and resistance people
Elliott Wave: From the August low the Pattern can be a Flat or a Triangle, the Flat would need to stay under the 11,717 on the Index as a technical point of view, but the 11650/80 is sufficient.
Trade Strategy:  Just waiting for the top to play out and if the 11500 sees two solid retests or the wave structure in an impulse wave then we can short in line with the larger Elliott patterns

S&P500 CFD: 1,206
TradingLevels: The Gap created yesterday was covered today, the price is n SG1 of 1200, if it finds support on 1230 then its at least short term bullish, if the price locks under the 1200 then the bias is negative, under the 1172 and the 144 is bearish
Elliott Wave: Flat or Triangle
Trade Strategy: Wait for the 1200 to play out as support or resistance

FTSE 100 CFD: 5325
TradingLevels: Finding support on 5300 top of Minor Group1 (MG1) is a positive step, however the pattern sitting on the 5000 is corrective, the European market are the weakest.
Trade Strategy:  I know we have been waiting for this pattern on 5000 to play out for a long time, but what can you do, at least we are coming to the end of it, our guess is for a break lower, but as traders we don’t marry our opinions we trade what we see and if we see support on 5300 then we need to look at longs. A move now under 5300 especially the 5272 as resistance sets up the short trade

SPI CFD 4102
TradingLevels:  Work the 4100 (mTL1) and the sublevel either side individually and as groups SG1 4130 and SG2 4072
Elliott Wave: The wave count would suggest further downside, but you have to be careful of the FOMC meeting tonight in the US. The wave count does allow for a move to 4150 again before moving further down, however if the 4100 can hold as resistance and then 4072 then 4050 then we can see the 4000 broken, we do need to see the market move down from here with the current way count.
Trade Strategy: Copper is the leader, it was moving down last night while the Dow was moving up, we can expect more down side in copper so hopefully we can see the 4000 penetrated.
4:15am  USD        FOMC Statement      

Summary
CFD Report

US Indices, It’s the same story, just another page, seeing a new top in place satisfy the internal wave structure better, for a bearish picture the price would need to move under the  11340 on the actually Dow Index, this is just one small step in a handful of small confirmations, as the price is still dancing with 11500, speaking of dancing the Twist from the Feds may come from the FOMC meeting tonight in the US, that is, don’t quote 300 Billion into the Bond market.

Copper, continued to move down and US BHP closed lower in the second session, this should pin the local market down, the 4100 as resistance ? the pattern behind is from the 12^th is corrective, so we would now need to see the price push lower from here otherwise we have to work with a larger corrective pattern up at 4200 and that will be boring.

US Dollar is a key market in the mix and the pullback from the 78 to first support SG1 7730 just may hold, but once again the FOMC is in the way disturbing the natural flow. 

US Twist in nutshell:
The most likely scenario is a so-called Operation Twist program, which involves the Fed buying longer-dated Treasury’s as it sells its shorter-dated notes, or using proceeds from mortgage-backed securities it already owns. Either way, the size of the Fed's balance sheet would stay the same. The 12 managers surveyed all think the central bank will offer some form of this program. With this the FED is aiming to lower the 10 y and 30 y with 30 basis points.

Peter Schiff FULL Testimony Before Congress on Obama Jobs Bill 9/13/11
http://www.youtube.com/watch?v=_BHLguFEN3M&feature=mh_lolz&list=HL1316528055

Trading Quote
Don’t buy into certainty, explore the unknown - TL

Today's Financial Events
Time     Currency   Detail     Forecast    Previous
  
8:45am  NZD        Current Account    -0.69B -0.10B  
8:45am  NZD        Visitor Arrivals m/m     2.0%  
9:50am  JPY        Trade Balance    -0.01T -0.13T  
10:30am  AUD        MI Leading Index m/m     0.1%  
12:00pm  CNY        CB Leading Index m/m     1.0%  
1:00pm  NZD        Credit Card Spending y/y     7.3%  
2:30pm  JPY        All Industries Activity m/m    0.9% 2.3%  
6:30pm  GBP        MPC Meeting Minutes    0-0-9 0-0-9 
6:30pm  GBP        Public Sector Net Borrowing    11.3B -2.0B  
9:00pm  CAD        Core CPI m/m    0.2% 0.2%  
9:00pm  CAD        CPI m/m    0.1% 0.2%  
9:35pm  GBP        MPC Member Dale Speaks      
11:20pm  AUD        RBA Deputy Gov Battellino Speaks      
12:00am  USD        Existing Home Sales    4.76M 4.67M  
12:30am  USD        Crude Oil Inventories     -6.7M  
4:15am  USD        FOMC Statement      
4:15am  USD        Federal Funds Rate    <0.25% <0.25%

NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this report is written while markets are closing/trading
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!
CFD Report

CFD Video Report ; Overnight markets Technical Analysis/ Elliott Wave /TradingLevels / Today's CFD Trades  21 October 2011

EarlyBird Report  – 21 October

Dow Jones – 11, 541 +0.32%
Base Metals Negative
US Gold CFD: 1610
Oil WTI CFD: 85.25
Copper CFD: 305
US Dollar CFD: 77.30
EURUSD 1.3760
Dow Jones CFD 11,570
S&P500 CFD: 1,218
FTSE 100 CFD: 5420
SPI CFD 4150

US News
NEW YORK (Dow Jones)--U.S. stocks pared an afternoon advance late in a session whose choppy trading was dominated by European sovereign-debt worries.

The Dow Jones Industrial Average was up 23 points, or 0.2%, to 11524 at 3:30 p.m. EDT Thursday, while the Standard & Poor's 500-stock index added 3 points, or 0.3%, to 1213. The Nasdaq Composite fell 10 points, or 0.4%, to 2594.

Stocks whipped from positive to negative territory throughout the session, moving higher midday after French President Nicolas Sarkozy and German Chancellor Angela Merkel issued a joint statement pledging that European Union leaders would have a bailout plan in place by Wednesday. Those leaders also called for immediate talks with the private sector over Greek debt.

Earlier, stocks had fallen after reports that a Sunday European summit could be postponed because of disagreements on how to deploy cash in the Continent's bailout fund.

CFD Commodities

US Gold CFD: 1610
Gold is in its Wave 3 down and the target would be around the 1500 MediumLevel at a very rough guess we will work the wave count down.
The US Indices are likely to create a new high from the consolidation at 11500 that could see the price at 11800, for the final high. If this is the case we may see Gold Silver and Oil follow, I don’t think this is the case however there is one once support that we must cross and have as resistance for more downside and they line up, that is Copper at 30 MajorLevel TL3 Silver at 30 MajorLevel TL3 which will have Gold at 1600 the market needs to have these as retested resistance not support if we are to continue the Gold trade down.

I would suggest covering a percentage of the short trade in Gold close to 1600 then and if the above markets develop resistance at their respective levels then move back in short as the Elliott target is down through 1500 for Gold

Oil WTI CFD: 85.25
Oil is going to follow stock so the current move down can be an abc corrective pattern, if the Dow finds support on 11500 then cover any short positions you may have in the local ASX Energy sector

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.05-
US Nickel:             Last: 8.11-
US Zinc:                Last: 0.77-
US Aluminium       Last: 0.92-

Copper CFD: 305
Copper has moved down nicely as expected to 300 (TL3) and will see a bounce here as a wave 4 in line with Gold, This will place a lot more pressure on our Materials sector today, so we can hold short here. The US BHP is checking 72 as support so keep an eye on that and the Shanghai market, that is also expected to move down further

Forex

US Dollar CFD: 77.30
The European meeting is likely to see the EFSF buying bonds in the secondary markets rather than the ECB which leaves the ECB as the QE back up if need be, either way the traders will tend to buy the Euro, this will see the Dollar down.
From a Elliott point of view it does create two wave counts so focus on the levels for entries, you know the main price points, anything with a 72 will be handy, the 13720 and the 13772 and of course the 138.
Start counting five waves up from the last low 1.3655, work the Elliott count up from there, the US indices will be on the same track. And the flipside for the Dollar the 77.72 has and is still the resistance, we have been considering the Dollar in a wave 4 (Triangle) correction from the 17^th and as we see a push down from here we will see the SP500 and the Euro move together

EURUSD 1.3760
TradingLevels: Levels to work on retests and corrective patterns for the long side, 13750 Midpoint, SG2 13772 and 138 mTL2 Expecting a retest of 140 as the target
Elliott Wave: Counting five wave up from the last low
Trading Strategy: Look for long trade set ups on retests of the levels and especially after abc corrective patterns

AUDUSD 1.0260
TradingLevels: On the long side look for support on 10272 and 103 in line with the Euro and SP500 however the Base metals market can weigh on the price, so support on the 10272 and the 103 is critical
Elliott Wave: Expect an abc correction at these old highs 10272 SG2 and 103. Start counting the impulse wave  up (five waves) from the last low around the 10165 SG2 which should see the five wave complete at around the SG2 10272/80 or the 103
Trading Strategy: It would be preferable to trade off support, so be patient and wait for a three wave abc type of pattern up here around the 103 to work the trade from.

Indices

Dow Jones CFD 11,570
TradingLevels: Expect the price to make new highs based off the 11500
Elliott Wave: Intermediate Wave (2) is still in play and especially while its above 11,500, this opens a series of targets starting with the 11650, then 11720 and 11772
Trading Strategy:  Support off the 1150 (ML15)

S&P500 CFD: 1,218
TradingLevels: The 1200 mTL2 has been retest as support and the price should now work higher, short term resistances that you can work as support when the time comes are 1220, 1227, 1230  expect corrective pattern at these levels and the 1230 is the Top of Group1 so this is very important as a support, however expect a larger reaction not so much because of the old highs but because natural supply being present at this level, that said the wave structure should see it burn through quite easily this time
Wave count: Wave C in (2) is starting up
Trading Strategy: find a bullish corrective pattern on one of the levels to work from.

FTSE 100 CFD: 5420
TradingLevels: Find a pattern and a level to work a long trade from
Elliott Wave: abc is completed at 5350, expect high ground and new high
Trading Strategy: Look for a long trade set up

SPI CFD 4150
TradingLevels: Look to work a long trade off the Midpoint 4150 or SG2 4172 then 4200
Elliott Wave: The corrective pattern down can now be finished, the base metals are going to weigh our market down while the European markets lift the US markets  
Trading Strategy: Look for long trade set ups off the levels

Summary

Weekly cycle, strong closing on Friday will see Monday up and this is the run to catch, this is based off  the European meeting this weekend.
The Europe meeting is driving the US and the Dow is above the 11500 and would be expected to make new highs in the last stages of the intermediate Wave (2) rally, let’s say to 11772 – 11800 at a guess. But for us here our ASX market can be sluggish, this is because of base metals and the Shanghai Shenzhen etc, analysis can  have been talking it up for months but it keeps going down, any this market and base metals are the weights for us, so trading ranges should be stronger in the US than here.

The trading strategy, for the ASX would be to lock in short trade profits and get a few long but preferably not in the materials sectors

Trading Quote
Losing because of a new situation is fine, losing again is the beginning of the end.

Today's Financial Events
Time     Currency   Detail     Forecast    Previous
  
11:30am  AUD        Import Prices q/q    0.6% 0.8%  
1:00pm  NZD        Credit Card Spending y/y     4.7%  
Tentative  JPY        BOJ Gov Shirakawa Speaks      
6:40pm  EUR        ECB President Trichet Speaks      
7:00pm  EUR        German Ifo Business Climate    106.3 107.5  
7:30pm  GBP        Public Sector Net Borrowing    11.9B 13.2B  
10:00pm  CAD        Core CPI m/m    0.2% 0.4%  
10:00pm  CAD        CPI m/m    0.1% 0.3%  
4:00am  USD        FOMC Member Kocherlakota Speaks      
6:00am  USD        FOMC Member Yellen Speaks

NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

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EarlyBird – Technical Analysis CFD Trading Report – The Day Ahead

Dow Jones – 12,055 +1.86%
Base Metals Positive
US Gold CFD: 1763
Oil WTI CFD: 94
Copper CFD: 357
US Dollar CFD: 76.90
EURUSD 1.3850
AUDUSD 1.04
Dow Jones CFD 12,000
S&P500 CFD: 1260
FTSE 100 CFD: 5775
SPI CFD 4270

News
NEW YORK (Dow Jones)--U.S. stocks advanced Thursday, driven higher by Greece's apparent reversal of plans for a referendum on its financial bailout and by a surprise rate cut by the European Central Bank.

CFD Commodities

US Gold CFD: 1763
Gold should find it’s high into the SG2 levels (1765 I 1772 I 1780) with the 17772 the important price point, if there is an extension higher the 1800 would see the selling.
The SG2 is more in line with stocks completing their rallies

Oil WTI CFD: 94
Oil is making a new high as mentioned yesterday, this is in line with Indices moving higher, but Indices are still considered in a rally. The rally in Oil as a wave five would be the same count for OSH and WPL to make one more new high as a fifth wave, the OSH is up against the MediumLevel 6.50 if this was going to make a new high then Oil would need to get above the 95, the normal price points are 96.50, 97.72, 98.

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.59+
US Nickel:             Last: 8.33-
US Zinc:                Last: 0.88+
US Aluminium       Last: 0.94+

Copper CFD: 357
Same - While the price is above 350 the Midpoint then the Metals are positive and under 350 they are negative.

Forex

US Dollar CFD: 76.90
All markets are still in a ABC correction as is the Dollar, so from the 77.80+ high a few days ago the Zigzag pattern down is the abc correction , it’s in its latter stages, when it finds support on 77.20 it can be traded long, the 76.50 is the supporting area

EURUSD 1.3850
TradingLevels: The Elliott Wave count is  a little higher, this is a corrective rally in line with US Indices and is essentially a retest of the nearest largest number 140, the wave count suggests it may not get to that price but we should leave it on the table.
Elliott Wave: Count the five waves from the last low around 1.3660, the price is in the third wave now, this means the price need to go through wave four and five which should see it up higher above around the 139, once these five waves complete the price should turn down
Trading Strategy: 1.38 and 1.3772 as support, use the sublevels to trade, depending when you get to the market, the SG1 as tested support of the Midpoint 13850

AUDUSD 1.04
TradingLevels: In the bigger picture the range price points as support or resistance are 10272 and 10772. Support on 1.03 suggests the next level 1.05
Elliott Wave: Look for three swings up, abc above 105 the 61.8% is around 10572 (SG2) but the support starts at 1.05 and that should be the trading target, short term traders need to use the sublevels as support SG1 10430 and the Midpoint 10450 with the exit at 10472 and 80 SG2
Trading Strategy: Look for retested support on 10430, take part profit at 10450 wait for support and trade to 65 and 72, The Elliott count can have the end of this structure at the SG2 10472, Count the five waves up from the 103

Indices

Dow Jones CFD 12,000
TradingLevels: The 61.8% retracement level is near the 12,000, the 12,100 is the first supply area and the real support is the old high or just below at the 12,172 SG2 area
Elliott Wave: There are two ways of looking at the wave count but they both come to the same conclusion and that is they should finish their rally around these highs 12,000 to 12,100 as the Wave 2 rally
Trading Strategy:  The price should start working lower from the 12,100 area but we need the evidence in the wave structure to the downside first, we also need to the US Dollar complete its abc correction and move above the 77.20 and of course the Euro following the SP500 and the Dow, the Gold Market should also top at 1772 area, any way we just have to wait and see if it occurs and look for the set up to short

S&P500 CFD: 1260
TradingLevels: Resistance 1272 the 61.8% is around the 1262
Wave count: Wave 2 rally that should complete into SG2 (1265 I 1272 I 1280)
Trading Strategy: Patiently waiting for evidence of a turn down shortly as Wave 2 rally ends

FTSE 100 CFD: 5775
TradingLevels: Resistance 5600 the 61.8% is just above the 5600
Elliott Wave: ABC rally for Wave 2 in the later stages
Trading Strategy: Waiting for evidence of a turn, this will probably come sometime after the G20

SPI CFD 4270
TradingLevels: The 4272 SG2 and 4300 are the resistance a move above this would see the resistance or rather failing support at 4330 SG1 The current price and the 4320 is the 50 – 62% retracement levels
Elliott Wave: Wave 2 rally in its later stages
Trading Strategy: Expecting a turn down from the around the 4272 to 4350      

Summary

Markets move up but we consider this still a rally to each market 61.8% zones as a Wave 2 not Wave 4. We don’t have any evidence that the Wave 2 is over.
The ECB cut rates and the G20 talks, this will either create a spike or a turn in the market creating the top of Wave 2, as you can understand it’s tricky navigating through this, but we have to trade less or stand aside until we can see the evidence of the first small degree impulse wave (five waves) to the downside to confirm the top of Wave 2.These comments are for nearly all markets.

The normal flow of events in the weekly cycle is Thursday being down with the selling volume diminishing in the afternoon and Friday morning buying volume with the afternoon session closing higher on higher volume and the follow through on Monday as the bull day, but we are not in normal time as there is too much outside influence that causes markets to spike this way and that, so until we have a clear direction and we are looking for the Wave 2 to complete so we can short, but as mentioned we need the set up to fall into place.

Just on another note, if the US wave count is correct and we are indeed heading into an Intermediate Wave (3) it is likely that ASIC may ban short selling of CFD providers, if that is the case then your CFD Provider will simply ask you to exit your short positions. But this does take away the opportunity to short, so if this is of interest to you then you need to have other products to short at a moment’s notice, as not all products can be banned, if you would like to prepare for this then email me and I will put you in touch with other companies locally. This banning did occur in the last Intermediate Wave (3) in the GFC and as mentioned we can be moving into that position now, this current Wave 1 down and the Current rally Wave 2 is part of the Intermediate Wave (3) the beginning of it.

Trading Quote
Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets

Today's Financial Events
Time     Currency   Detail     Forecast    Previous
  
11:30am  AUD        RBA Monetary Policy Statement      
Day 2  ALL        G20 Meetings      
8:00pm  EUR        Final Services PMI    47.2 47.2  
9:00pm  EUR        PPI m/m    0.3% -0.1%  
10:00pm  CAD        Employment Change    20.3K 60.9K  
10:00pm  CAD        Unemployment Rate    7.2% 7.1%  
10:00pm  EUR        German Factory Orders m/m    0.3% -1.4%  
11:30pm  CAD        Building Permits m/m    2.7% -10.4%  
11:30pm  USD        Non-Farm Employment Change    98K 103K  
11:30pm  USD        Unemployment Rate    9.1% 9.1%  
11:30pm  USD        Average Hourly Earnings m/m    0.2% 0.2%  
1:00am  CAD        Ivey PMI    56.2 55.7  
4:00am  USD        FOMC Member Tarullo Speaks  

NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

A Leading Technical Analysis Video ‘CFD Trading Strategies Report’ 
In-depth Analysis DJI SP500 FSTE SPI ASX200 Gold Copper Oil Forex AUDUSD EURUSD Dollar & CFD Trades FREE TRIAL

EarlyBird – Technical Analysis CFD Trading Report – The Day Ahead



Dow Jones – 11,304 -1.64% (7AM Price)
Base Metals Negative
US Gold CFD: 1690
Oil WTI CFD: 96.50
Copper CFD: 327
US Dollar CFD: 79
EURUSD 1.3350
AUDUSD 97.10
Dow Jones CFD 11,300
S&P500 CFD: 1190
FTSE 100 CFD: 5130
SPI CFD 4030

News
U.S. stocks tumbled Wednesday as surprisingly poor demand at a German government-bond auction and weak Chinese data weighed on investor sentiment.

The Dow Jones Industrial Average fell 160 points, or 1.4%, to 11333 in midday trading, after falling as many as 215 points. The Dow's early declines puts the index on pace for a third straight decline, following a two-day fall of 2.6% that left the Dow at a five-week low. With Wednesday's fall, the Dow has now given up half of its October rally, which saw the blue-chip index log its biggest month of gains since 2002.

CFD Commodities

US Gold CFD: 1690
As you know the move up is being counted as a wave iv) rally and didn’t quite get to the targets as gold followed Indices and the Dollar move up, this is all normal flow, however you have to be a bit careful with wave fours as they are normally more complicated that wave two rallies, so in this case the move up may only be the first leg of three swings, the current move down from the 1710 as the second, that said if any of the levels in  SG2 (1780\ 1772 | 1765 become resistance then build the trade into these, or you could even , but with higher risk short any second failed retest of 1700, this is why its good not to over trade and build in positions at different prices and if the trade works against you just unwind each one at the right time and if the market then moves through the levels in your favour then build then back in again, it’s about being flexible at the right time and with the position sizing Less is More.
Once this wave four is complete we can expect gold to make new lows, the US dollar reaching 80 would be good to keep in mind

Sliver should now stay under the last high 33

Oil WTI CFD: 96.50
Much the same - Oil follows stock and this is a bounce of the Midpoint mTL5 | 95.00 as mentioned before once Oil is under 95 as resistance then we can consider the main trend up broken. Traders can use the 98.00 | 97.72 | 97.00 | 96.50 | 96.00 then the 95.00 as the main resistance

Base Metals

US Spot Prices (in l/b)
US Copper:           Last: 3.28-
US Nickel:             Last: 7.43-
US Zinc:                Last: 0.86-
US Aluminium       Last: 0.89-

Copper CFD: 327
Copper is sinking into Minor Group1 330 | 320 | 310 the 320 is the all-important pivot, this as resistance seals it fait to 300 TL3 the Major TradingLevel
The Elliott Wave pattern down from 372  the current low, is still not a good looking impulse wave it still has possible corrective subtleties, which could see a bounce when the ASX200 touches on 4000, so Copper on 300 and ASX 200 around or lower than 4000 and the Chinese markets on a double bottom, will likely put our Australian short trades at risk, any way we have time to work this out.

Forex

US Dollar CFD: 79
The price should dance around 79.00 and then move to 80 (TL8) the Major TradingLevel.
Its only natural to expect swings across this level not only in the near term but also in the bigger picture, that said the trend is up and the Elliott count is up so the longer term direction is up for the dollar and down for the Euro.
Finding support on TL8 is significant for the bigger picture for portfolios and holding cash in any other currency, once support has been found and the price can go to 83.00 Minor Group1 and then retest 80 etc., but once the 80 has been tested as support this is yet another signal to move assets around, as mentioned earlier in the year shifting a precent AUD cash into US dollars via a local bank’s foreign currency holding account is part of the overall plan and once support is found on 80 another part in cash can be moved.  

EURUSD 1.3350
TradingLevels: In the bigger picture - On the daily chart there is a trendline of support that should be notes, which cuts through around the 133 group1 level, the price will eventually move through the trend line to 130 and probably retest the trendline, this may not be the case but its something that we should keep in mind when work the smaller degree of the Elliott count
Elliott Wave: Now that the Euro has moved down from the corrective pattern at 135 the Elliott wave analysis is easier to work as corrections can be the weak spot in Elliott analysis, any way check the Elliott count on the charts
Trading Strategy: If you are short from the 135 – SG2 (13480 | 13472 | 13465) then well done. The TLT (Treasuries) Elliott count support the US Dollar moving up and therefore the Euro down and the French and Belgian bond yields are surging and therefore part of the current catalyst as the drivers. Trading the Euro short simply depends on your trading time frame, however the Daily and Weekly and even Monthly Robo are being used here. Otherwise simply trade the sublevels. The Dollar will spend a short time at 79 and more at 80 so you need to line this up with the Euro price points, the trend line mentioned above can be an important technical, but it is 130 and Group1 (133 | 132 |131) seen and understood as a group with the 132 as the pivot (support or resistance) can be very useful, you should expect a hard time here and the same for the Dollar at 80, its best to expect the worst rather than hope for the best, you don’t have control over this, this is not about positive thinking and creating your own futures thoughts in to reality, this is about preparation and opportunity meeting you want in the longer term the 130 as resistance and you want the Group1 to hold the price to 130 for the struggle rather than a strong bounce off the trendline and the 130, so if the price gets through to 130 you don’t want to see it find support back on the top of group1 133, sure it can trade above it but you don’t want it finding support as this create the foundation for a move up. Any way we are not even there yet, so for the short tern expect a bounce off the 133 on arrival

AUDUSD 97.10
TradingLevels: The price is at 97 so you need to give it time, you should be looking at SG1 above 97 and SG2 below 97 as the support and the resistance. The move up is a rally as the Dollar has a quick check of the 79. If your patient and give the price time within the SG1 and SG2 with the 97 as the line in the sand, you will be able to work out when the rally has run out of steam and what price levels the price is trapped at, you do need to understand how to see and work both SG1 and SG2 for a bullish market and a bearish market and a corrective market rally like this. The Elliott wave can be helpful in recognising patterns
Elliott Wave: the small rally up off the lows from SG2 is currently in three waves so this is corrective but it can turn into five waves Impulse, if it is five waves, then after a abc correction there will be another five waves which in turn can take it higher than the SG1, it’s still only 530AM let’s see what the pattern is when I make the video
Trading Strategy: The rally up from SG2 is just that a rally but how far will it go, try and recognise the Elliott pattern then use the levels to work a trade in either direction

Indices

Dow Jones CFD 11,300
TradingLevels: It’s great to see the prices down, because we are short, however the Gap in the futures markets on most Indices is a concern, for the Dow it’s around the 1800. That said we are in a series of wave threes of Intermediate degree and we should expect as mentioned before the market to pick up speed to the downside and that is what we are seeing. There is volume support in the bigger picture up from the lows of Sept under the 11,000, this 11,000 is also the 61.8% retracement level of the Oct run up so the 11,000 say to 10,800 is the general support, this is the next real space to watch for support, so you can image if this next support fails to hold, then we are at 10,000 TL1
Elliott Wave: Minute Wave 3) of Minor Wave 3 of Intermediate Wave (3)
Trading Strategy:  The 11,500 was easy, but it’s always safer to look at the worst case and work down from that. The next short term supports are 11,300 | 11,200 | 11,100
For the intraday trader use the 1300 and the SG2 11,280 | 11,272 | 11,265 the 11,272 is very important as support or resistance a low close to this price  is also the end of an impulse wave down from the 11,500 I will explain this in the video we can see a retest back to 11500 from here?

S&P500 CFD: 1190
TradingLevels: Once the SP500 has SG2 1180 |1172 | 1165 as the resistance then the market is forced down through the next support 1150 the Midpoint and all is on track for lower price towards the 1100 mTL1 ( MinorLevel 1) being trapped under 1200 mTL2 places the price at 1,000 TL1 this is how Group1 works in any degree, this probably is extremely  high when using Group1 like this in a negative market
Wave count: Wave (iii) to the 1150
Trading Strategy: The Gap is not being covered on any of the futures markets, this is a concern but we will stay with the current unfolding impulse waves down, so continue to short the retest of the sublevels

FTSE 100 CFD: 5130
TradingLevels: This large third wave is powerful we will see the prices at 5000 shortly, but expect bounces at all the right places 5100 and the sublevels
Elliott Wave: There is more downside in the impulse wave in line with the US  markets
Trading Strategy: Depending on your strategy time frame, for the bigger picture was to glean small short positions under the 5500 and though Group1 with the aim of waiting for the 5000 to become the retested resistance so we can add to short positions, this still is the case but we don’t know if the 5000 will give us a hard time or not, normally it would however the US indices are in and Intermediate wave (3) down, this is a powerful structure, this is where countries ban short selling

SPI CFD 4030
TradingLevels: There is support around 4000 for the ASX200 and the SPI this is psychological, the 61.8% is at mTL8 | 3800 Indicator will be presenting over sold signals but as always use each level as support and resistance, try and work out the Elliott pattern within the degree time frame you are working and check on the volume to confirm the price action
Elliott Wave: Its more important to work the levels now that the 4000 is on the door step, the Elliot wave count is down
Trading Strategy: Expect the price to sink into 4000. One of the better times to get a position in the SPI is in the US afternoon session, the current daylight saving is on your side, but I guess if you up at that time you may as well trade the Dow as it moves faster.

Summary

The US markets continue to move down and from the Elliott perspective the powerful intermediate Wave (3) is certainly unfolding on track.
The wave 3 up in US treasuries confirms the US Dollar wave count and therefore pushes down the Euro, the Euro and the SP500 | Dow will work in line with the Euro and so will our AUD and ASX.
Traders swap Gold for US Dollars and the base metals are not far behind the precious metals, so all in all, all markets are doing the right thing and we are short, we could of would of should have had more short positions, but we played it safe and took the worst case scenario of a unknown bounce off the 11500 on the Dow but the holding pattern was small and turned out to be nothing to worry about, but I still feel we play the choice technically.
The Intermediate Wave (3) in the Dow is clearing out supports with a flick, the next really supports are the old low from Sept there are orders here traders bought here, they will buy again, there should be a bounce unless something crazy happens which is also possible, the current drivers are the French and Belgian Bonds peaking, but the real problems haven’t started yet, the big fish haven’t been notice yet, how many people does Greece have? Would have to be under 10 Million people, that’s a small problem really… Any way there is support from the 10500 to 11000 for the down this is real and we need to observe this battle of volumes, if the 11500 was retested properly and it still may, however the nromaly flow is a retest of the 11500 and if it fails then the 10,000 is the target the volume support will fade under the selling pressure, the 11,000 is also the 61.8% retracement of the Oct rally, this also see the US Dollar at 80 and the ASX200 at the 4000 but more importantly its 618% of the 2009 rally at 3800 and the Copper market at 300 and then the Chinese Markets at a double bottom, so there is support all around the world, but the wave count in the main markets treasuries, Indices, currencies etc. suggests these supports will disappear  

Trading Quote

Volatility is greatest at turning points, diminishing as a new trend becomes established.-George Soros

Today's Financial Events
Time     Currency   Detail     Forecast    Previous
  
8:45am  NZD        Trade Balance    -454M -751M  
6:00pm  EUR        German Final GDP q/q    0.5% 0.5%  
Tentative  CHF        Employment Level       
Postponed  GBP        Housing Equity Withdrawal q/q    -5.9B -5.8B  
8:00pm  EUR        German Ifo Business Climate    105.5 106.4  
8:30pm  GBP        Revised GDP q/q    0.5% 0.5%  
8:30pm  GBP        Prelim Business Investment q/q     11.6%  
8:30pm  GBP        Index of Services 3m/3m    0.3% 0.4%  
11:00pm  GBP        CBI Industrial Order Expectations    -19 -18  
All Day  USD        Bank Holiday      
12:30am  CAD        Corporate Profits q/q     -4.9%  
1:00am  EUR        Belgium NBB Business Climate    -11.3 -10.4

NOTES:
1. Check the Dividend & Reporting section for your stock on this site before trading
2. Prices may change as this Technical Analysis report is written from 3.30 – 6.30AM
3. Always think things out for yourself, we are only here to bounce ideas around.

Good Morning & Good Luck!

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There is potential for further upside in our market, but I’m not sure if the current momentum can take it higher, it’s certainly appealing; however there was not follow through in the US markets. The current momentum in our market can stall here like the Dow / SP500 has and is likely to correct somewhat, if we take trades on our market that look appealing, that is strong closes on higher volumes such as AIO, ASX, AUT etcetera we may get trapped and I was wondering if we should wait for a pull back or small corrective pattern first such as a small correction at the 4300 for the ASX00. Other Asian markets also seem firm and can go higher such as the Nikkei, I will have to leave the risk with you on such stocks like the above, but if you do take stocks like these, lock in profits asap and exit on weakness or create much wider stops as further upside for Asia is expected

Get all trades to break even as step one, even though we are positive on the local market, the US is not showing strength nor is the Euro, it may and we will wait, but we must protect our trades in the meantime.

 CFD Trading Report

Forex Trading CFD Report - Technical Analysis AUDUSD EURUSD Dollar

US Dollar CFD: 80
There are two positive wave counts here, not that is matters that much, as the main point and the main trend is up. The 80 (TL8) is a Major TradingLevel and we can expect swings across TL8, not only in the near term, but also in the medium term. Like gold edging lower through 1650 and 1500 the Dollar will edge higher


EURUSD 1.3075
TradingLevels: The MinorLevel and the top of Minor Group1 is 1.30, while the Dollar is spending time at TL8|80 the Euro will spend time at mTL3|1.30
Elliott Wave: Wave three makes new low
Trading Strategy: In the bigger picture you understand the Euro is in a major trend down and the Euro, when trending strongly has shallow retracement levels, this of course doesn’t make it any easier to trade, but they are two important points that can offer comfort if your trading daily weekly or monthly bars with the Robo method. Another important point, is that the Euro appears to be leading the bear market the SP500 hasn’t caught up yet, so you could be on your own here