Highlights include GBPNZD, Silver, and EURJPY.
Each week, we’ll share a few examples of our work from the prior week. Many in this business scream to the high heavens when they make a good call and conveniently ignore when they are wrong… they are charlatans. Our goal with ‘Highs and Lows’ is to review what we got right and more importantly, what we got wrong. The following examples are from the Swing Updates, published Sunday to Thursday (here is a Swing Update tutorial).
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Highs and Lows for the Week Ended 12/22/2017
12/10 – Big top in GBPNZD? The rally from October 2016 consists of 2 equal waves and channels in a corrective manner. The rally has retraced 38.2% of the decline from the 2015 high and price has bumped against the 156 week (3 year) average (see weekly chart below). This average was support throughout 2014 and 2015, support in 2016, and resistance on Brexit. Initial focus is on 1.9177.
Aftermath – GBPNZD has dropped sharply since 12/10.
12/17 – I love this chart. The drop from September consists of 3 waves and the support level is extremely well-defined. Look higher.
Aftermath – Silver has rallied over 5% since we turned bullish. The right side of a 3+ year bullish base could be complete. As such, silver is a market to pay close attention to in 2018.
EURJPY 4 Hour
12/17 – EURJPY is still within the tight 3 month range but the turn lower from cited resistance warrants a short attempt. The next level within the range is 131.60.
Aftermath – We shorted 132.55 and were stopped out at 132.85.