Saturday, 21 July 2012

ASX 200 daily and weekly charts

The ASX 200 closed ASX trading on Friday afternoon at 4199. The charts in this post both include after hours trade, during which this market sold off in sympathy with market declines in Europe and the US, closing the week at 4179. I tweeted yesterday "Friday arvo the most interesting time of week for stocks. Do traders want to own 'em over the weekend?". In Europe and the US, they didn't want to own 'em.

Daily. Appears to have turned lower from dual trend line test.


Weekly. This week the market tested the bearish cross of the 18 and 40 week moving averages. Too early at this time frame to claim a turn lower from that test, but the trend is down


Now a slight detour in to Avid Trader territory. My published key level of 4200 was a tad too tight on this market this week. As an analyst or chartist, this is irrelevant. As a trader, it is a big deal. Traders need to cater for false breaks in their plan. For my psychology it is better to keep tight stops, and get back in after false breaks, than to have slightly looser stops and "guess" how far the false breaks might go. What's your plan?

S&P 500 daily and weekly charts

Both charts include after hours trade. First the daily. Possible double top still in play. Pattern would be confirmed by a move below July low.


Weekly. Recurring trend line angle, which last weekend's post showed first appeared in the early 2000s leg of the bear market.


Now a slight detour in to Avid Trader territory. My key level and stop were a tad (a few 100ths) too tight on this market this week. As an analyst or chartist, this is irrelevant. As a trader, it is a big deal. Traders need to cater for false breaks in their plan. For my psychology it is better to keep tight stops, and get back in after false breaks, than to have slightly looser stops and "guess" how far the false breaks might go. What's your plan?

DAX daily and weekly charts

Both charts include after hours trade. First the daily. Looks to have turned lower at the top of an upwards corrective trend channel.


Weekly. A(nother) kiss goodbye to that trend line?



AUD/USD daily and weekly charts

Still ranging and choppy at both time frames. Might suit your analytical or trading style, but I continue to focus elsewhere! It is not compulsory to bang your head against a brick wall just because it's there.

Daily.


Weekly.


EUR/USD daily and weekly charts

Daily.


Weekly.


Gold daily and weekly charts

Daily. Clear symmetrical triangle, could go either way.


Weekly. Still testing the trend line drawn from the 2008 and 2009 highs.



Silver daily and weekly charts

Daily. Riding the trend line lower. Key (KEY!) support just above 26.00.


Weekly. Still testing the trend line drawn from the early 1990s highs.