(This is a short excerpt from the past weekend premium member report published Friday the 28th)
A continuation rectangle was completed on Friday. I missed this trade. I did not get the order in.
Canadian Dollars (CME)
The decline on Thursday completed an arguable right-angled broadening triangle (RABT). I use the word “arguable” because I am not a big fan of multi-month patterns that occur as part of a much larger trading range. Yet, I took a position on this position with the possibility that a massive continuation H&S pattern is developing. Factor is long.
It is possible that this pair completed a rare diamond pattern on the long-term chart. Factor is flat – I have orders in to buy a retest of the completed diamond.
New Zealand Dollars (CME)
The monthly graph is forming a continuation rounding pattern. Note that this pattern is basically an inverted Cup and Handle formation.
With this past week’s red wide-bodied bar (WBB), I will monitor this possible H&S top pattern.
Mexican Pesos (CME)
Symmetrical triangles that travel past the 70% point (from the first contact point to the apex) should be viewed with great suspicion. It now appears that the upward thrust in Dec – Feb could be part of an “end-run” with a target of .04193.
Peter Brandt is a 40+ year veteran of trading. Through his Factor Service, members receive:
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