Weekend post

On Friday, SPX bounced down at the green resistance (short @ 1661 with stop loss @1664), dropped all the way down to the recently broken red channel's upper band (cover shorts @ 1642), went back up (long @ 1642 with stop loss at 1639) to the green line (cover long @ 1660). It was a fantastic day trading opportunity to clear 37 points. I expect the green resistance to be broken up very soon which should be another good long entry with a target of 1680. The stop loss wouldn't be that tight though.

I'm now expecting a Euro rally provided that the red and blue declining channels are broken up. The potential green channel has delivered a bounce on Friday. It will be a good long entry once the red channel is broken up. 

On GBPUSD, the green sideways channel and the blue rising channel are in charge which makes it very choppy. You can see that prices are stuck between these two channels' supports and resistances. To continue upwards trend it has to break up the green channel's upper band which is 1.5735. However, to me, it will be a good short entry from there, at least at the second and third hits. The 4th hit should break it up. A hit on the blue channel's very lower band would be a very good long entry.

Last but not least is my favourite sweetener. The red resistance is not exactly hit yet but it will be very soon. That hit will be the 4th golden hit which should break it up. The IHS is remarkable shown with the green lines. The break up of the upper band of the green sideways channel should open the field to much higher prices over 17.