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Hi, I'm opening unofficial NT8 wish list thread! Since Ray has been so good to us with his presentations etc, I thought we'd compile a list and pass it on to Ray through BM.
Although I'm not a trendline guy, nor I'm I a "Fib Follower" I know a lot of traders are and have learned I better keep my third eye focused on them. This recent up move put plenty of air between the current price and that upper trendline. Also (using back adjusted data) 1.3149 appears to be the .382 Fib Line of this year long down trend. I've never held a position for a year, but I did read a few stories about traders that do, seems like they're all BIG traders, really BIG traders. I think it will be of great interest to see the Commitment of Traders Report this week and see who or how many might be running for the door. Personally I think the heavy hitters have been unwinding some shorts and sitting on the sidelines, waiting for Mario & Ben. Now that that has past, I think they might slowly start re-entering again, but that's just me. This morning's move down to 1.3100 died a little short of my Pivot and got me thinking about BM's chart.
7:00am. I think price will test that 1.31"50" level with the volume of the U.S. session. But I also believe price might just return to the Pivot first, giving "ballsey" traders a chance to load the boat for an up move. Of course the market could go down, ha, ha. To go down it has to go through the Pivot of course, and stick! To sum up my thoughts of the short term, (this week since it has little news) I'll shake my old "8 ball" and say 1.3150 ish will hold, and price retreats for a test of 1.2850 ish. I'll be looking at the German ZEW survey, producer prices and PMI numbers for sure this week. My charts and numbers are for the Dec 6E, not that other market.
Yes lots of room down there. If it goes South where will it stop? It's going to need some legs to reach these levels, but stranger things have happened. I'm looking for a shake-out, or some rotation above 1.3079 one more time before committing to direction. Maybe when U.S. traders join in, maybe never.