Saturday, October 22, 2005

Week - Ending 21/10

been a tricky week for Hilda and a good week also - had several great days on the system, I however spent 3 days of it trading a long on cable that started Wednesday afternoon and finished Friday for +162 pips. Add that to the early week results and I took +227 for the week. Did suffer some losses this week though and Hilda's stats for October have dropped to 75% on the one and five min charts

Lets have a look at my weekly lottery guesses lol

I said that on Monday / Tuesday we should see a test of the trendline at 7600-7620 which it did - but then it continued and broke the 7570 area - when it did this it did indeed continue for more downside until Tuesday when we saw a close double bottom at 7420 - I didn't expect the downside move to go that low at all

I gave a sticking point of 7810 for the upside move and it stopped short of that at 17998 on Friday before the drop.

Ok, lets have a look at the coming week.

On Sunday / Monday I see a rise to begin with pausing for breath at 7720 ish - this is a crux number - if she breaks to the upside then we will see new highs and the start of an uptrend.

Before this happens I see price playing a game of ping pong between 7720 and 7640 / 7601 but it may well just go for the break immediately

so - two scenario's

If we head north:

topside first resistance seen at 7820, 7997, 8110 and finally 8377

if we head south:

support seen at 7610, 7594, 7560, and then a clear run to 7250

hope you've had a good week

As usual this analysis is for entertainment purposes only - trade what you see :)

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