FXCM Expo Videos
Innovative Techniques with Traditional Technical Indicators
Trading with the Elliott Wave Principle
Seeing the Forest from the Trees: An Analysis of Global Markets
Afternoon Technicals (all charts)
As focused on in Friday’s DailyFX PLUS webinar, the weight of evidence suggests that at least a near term top is in place for ‘risk’. After declining in 5 waves, the DJIA is probably nearing the end of a 3 wave advance. 13523/44 is the ideal area for a top to form (former 4th wave and 61.8% retracement).
In order to take advantage of the perceived top in risk, my focus is on shorting strength in the AUDUSD and NZDUSD (although the NZDUSD may sneak to one final high above Friday’s high). Expect resistance just above 10400, specifically 10417. This level is defined by the 61.8% retracement of the decline from Friday’s high and the 100% extension of the rally off of the low.
DJIA – 60 Minute Bars
Prepared by Jamie Saettele, CMT
AUDUSD – 15 Minute Bars
Prepared by Jamie Saettele, CMT
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele
To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com
Jamie is the author of Sentiment in the Forex Market.
Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.
