Wednesday, February 2, 2011

12 hrs later on A$

OK the previous post A$$ 8.30 shows part of this trade setup.
On that chart we begin with some buying against the static background in the first split ( o,p,q,r) periods....if you look at the following data groups it's easy to see that the open close ( red highlights ) show that this buying activity is getting weaker and weaker as time progresses.An finally broke that range to the lower side.
On this chart we can see the result , the last group shows some responsive buying that has thus far failed to push through the medium term resistance @ 10038
The bulk of this data shows that the sellers are firmly in control of each data set throughtout the previous session.

It's intresting to note that the c,d,f profile shows the open close almost even , indicating the sellers have backed off , which is then followed by responsive buying in the last ( g,h,i j,k) data set.Only to hit resistance established during the previous session. Although in the srt term the responsive buyers have control it is important not to foprget the background when looking at future developments.

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