Trading Edges That Last
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Lawrence's Comment Recap NQ gapped higher to start the week. Clearing the resistance right off the start gave it a bullish bias to push higher. Lack of volume reduced the volatility. Closed ...READ MOREFor more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time scheduleREAD MORELawrence's Comment Recap Overnight ES dropped below 2000 and the buying started right on schedule. The straight up reversal surprised many traders and created a short squeeze later in the week forcing ...READ MOREPrecog Vision – Forex 2023-2-8Intraday Cycle Projection (GBPUSD) 2014-06-16EURUSD Jun 29 to Jul 03 OutlookWeekly Cycle Projection (GBPUSD) 2012-02-13USDJPY Sep 17 to Sep 21 OutlookEURUSD Apr 26 to Apr 30 OutlookNasdaq 100 Dec 30 to Jan 03 OutlookPrecog Vision – Forex 2015-9-21S&P 500 Nov 23 to Nov 27 OutlookUSDCAD Oct 19 to Oct 23 Outlook
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GBPUSD Feb 27 to Mar 02 Outlook
Lawrence’s Comment
Unlike euro that has ECB defending the price level in the beginning of the week, cable was falling normally as expected back down to Y-1. Then the breakout of euro to the upside dragged cable up. Closed the week above Y+1.
Outlook
As long as Y+1 acts as support, we have a double bottom in place with upside target Y+3.
If it is proven to be false breakout, meaning that we see cable dropped back under Y+1, then Y-1 will be in play again.
Very much a news driven market affected by euro zone crisis. Daytrading the pair is easier for now.
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