4Hour
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
–The line that extends off of the 2012 and February lows was broken last week. Price is back above this line now.
-The rally from the low (.8967) is contained by a corrective channel and the advance consists of 2 equal legs (equality would be .9129). The 9/25 high at .9137 is also nearby resistance. The close of the ‘no taper’ hour (2-3 eastern) on 9/18 seems to exert force on the market as well. The level was resistance on 9/24 and 9/25.
Trading Strategy: .9080 held on Thursday. As is always the case though, ‘don’t buy a Friday high’.
LEVELS: .9018 .9065 .9080 | .9137 .9175 .9214