Hi Everybody, Along with the Dow (see other post) the Nsadaq has also reached its profit target form the recent MTPredictor TS3 long trade. Just posting this as an update....
The Junior Gold Minors GDXJ finished a wave 3 down on the daily chart. It has now completed an abc correction into wave 4. The MTPredictor indicators generated a TS2 automatic sell signal at 27.14 with a stop at 29.77. The initial target is 21.99 which is the minimum wave 5 target. If price does not hit 27.14 (the entry) and instead moves above 29.77 first,...
GDXJ is coming off an important low on the weekly chart. MTPredictor found this abc correction and generated a long TS3 Trade setup. The initial resistance/target can be the DP off of the b swing at 44 with the final target at 46.59. Obviously, today's FED meeting can be a game changer so be aware. I decided to sell puts here instead of take the trade...
The AUDJPY has rallied off the DP buy signal and has reached its upside DP target. This is also a major resistance area where the tendency is for a market to begin a correction. I may miss this if it sets up today (Friday) as I don't like to trade forex on Friday's and hold over the weekend but I will re-visit it on Monday. The 96.80 area is the next major...
Final Update - The AUDJPY short from 95.80 has hit its final target at 94.16 for 4.5 times the initial risk.
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The first target of 94.80 has been hit for about 2.5R profit. If you continue to hold all or part of the position, stops can be at break even or trailing with the ATR trailing stop. We are in a minor support here so have to expect a bounce here back to 95.20-40 area.
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The MTPredictor indicators are now...
The AUDJPY reached a major Decision Point resistance level where a TS3 sell signal was given (abc pattern). Stops can be moved to break even if price reaches the 100% risk level. This is a nice low risk / high reward setup. Update 8/1. The 100% initial risk line has been exceeded so stops can be moved to break even if you prefer. The next support level sits...
After making a wave 5 high in April of 2011, silver has corrected back to its wave 4 Decision Point which is the tendency after completing a 5 wave sequence. If this current wave 4 DP holds as support, then the tendency is that the prior trend, which was up, should continue up. Silver looks to be bottoming and should, eventually, begin a new bull market.
