Unfilled Gap thats in the process of filling. Remember the rule!

Posted by kurtosisT

Yes Traders we look to be in the process of filling in the unfilled gap from the 10/14 which is on the ES futures which is down to 1068.75 and looking at this Market Profile chart and Volume profile we sure look to have little support till that Closing price of the 10/13 which was 1068.75.  We may have some support from 1074.50 to 1074.00.

Nonetheless, this is an active trade now at the time of writing the Globex session is trading 1077. Remember Markets do return to fill unfilled gaps at some point!

Good Trading and remember stick to your stops.

KT

Disclaimer

FOREX: AUD is Set to Challenge The Jul 08 Highs

Posted by kurtosisT

Yes the commodity currencies are the ones that will fair the best as the USD undergoes some wholesale devaluation. Why the AUD? Simply:

1. Australian economy faired well in this most recent world recession.

2. Gold as the price of gold marches on so too will the AUD

3. Commodities and Metals continue to be demanded by China so too will the AUD push higher.

The short is don’t get caught short the AUD.  This attached chart highlights that the next level of resistance to the AUDUSD pair is 09550’s which is the 61.8 fibonacci extension and we may see a test to the July 08 highs which is the 76.4% extension on that 0.6244 to 0.8285 move.

Good Trading and Stick to your stops

KT

Disclaimer