Here is a chart of the S&P after todays session.  If you want more analysis on this topic, you can follow my discussion and post your questions and own ideas at http://www.darkpooltraders.com/vb/stock-tips/104-stock-market-breaks-trend-line-support.html

Source: Free Stock Charts, S&P, June 29, Daily

~Cory Mitchell, CMT

This is another excellent video which talks about where gold is likely to go.  I said I was taking some time off, but this video is great so I thought I would post it for you.  You know I love charts patterns, and this video talks about a chart pattern within a  much larger move - powerful stuff and is what I discussed in my book (trading courses page).

Anyway, check it out, it is a great video.  INO produces great content.  Watch the video, check out what they offer after the video, and very likely your trading will improve.

http://www.ino.com/info/384/CD3784/&dp=0&l=0&campaignid=3

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

I am taking a bit of time off from updating…although sporadic updates may occur if I notice something interesting.   I will restart my regular daily postings probably next week sometime.

In the mean time, I noticed from going through my traffic stats many people have not checked out the other resources on this site.

The Trading Courses page is one everyone should check out, there are some valuable resources and trading methods there:

http://vantagepointtrading.com/trading-courses

The Tutorials section has loads of information as well as links to articles I have written for many different sources on many different topics:

http://vantagepointtrading.com/tutorials

The How to Get Started in Trading section offers many alternatives to trading many people don’t even know about.  If you are considering getting into trading as a career, or would like to but have no idea where to start there is some excellent information here.

http://vantagepointtrading.com/how-to-start-trading-now

To Your Trading Success,

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

The eur/usd currency pair scorched higher today, moving almost double its 12 day average (daily) range.

Breaking above daily support at 1.4000 it appears a new swing up is developing.  The next resistance level is at 1.4170 with a push beyond likely to test the recent highs at 1.4330.  Moves beyond indicates profit targets of 1.4590 and a further target of 1.4800 (rounded down).

The pair is a medium term uptrend which has accelerated higher.  This is common for tradables in this stage of a market trend.

Want to learn more about chart patterns or other forex and stock market trading methods?  Check out my Trading Courses page.

Source: Forexyard, EUR/USD Daily Chart

To Your Trading Success,

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

———

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

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I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.

In my last post on the longer term view of this pair, I mentioned that how the pair reacted at 1.0800 would be critical in its longer term movements (this analysis was contributed to ForexPros.com and can be seen under my submitted analysis - My analysis of the eur/usd and usd/jpy can be viewed daily, all day, on the homepage of the site as I provide an idea of what to expect through the upcoming trading day).

We know know that it reacted strongly with the USD gaining over 700 pips against the CAD since that level was touched.

Several factors point that we are in the start of a new uptrend.  RSI has moved up above 70 which it did not do on the downswing.  Thus we have a breakout on the RSI.  The (small) correction also held above 40, which is a strong sign.

With the rate surging, at the moment, higher we will likely test the trend resistance line.  This trend line is just below the former swing high at 1.1750, the former swing high is at 1.1800.  Obviously a break of that level will be required to really confirmed a reversal and a new uptrend.

The trend line moved down over time so the break of that trend line can give us early indication of a  move ever higher.

The break above 1.1800 indicates a move to 1.2800 over the long term.  This could be adjusted as low as 1.2400 depending on the when the breakout occurs.  The longer it takes to breakout, and thus the lower the trendline price is when the breakout occurs, the lower the profit target will be.

Failure to move above 1.1750 (this will decrease over time as the upper trend line falls) and ultimately 1.1800 would mean a testing of the small correction lows at 1.1200 and a more significant correction.  A break below 1.1200 would indicate further weakness and a likely resumption of the downtrend.  That downtrend would be confirmed with a move below 1.8000.  Intermediate support between 1.1200 and 1.8000 is 1.0950.  If that level can hold, it will likely be choppy trading for a while as the market chooses a direction.

BOTTOM LINE:  Right now it appears we are heading even higher, but we are still in a downward sloping trend channel.  Corrections should hold above 1.1200 and and resistance is expected between 1.1700-1.1800.

Keep in mind, oil is breaking hard, and you see that analysis at http://www.darkpooltraders.com/vb/energy-futures/106-oil-about-break.html.  Get the analysis and updates to that trade there.

Falling oil prices hurt the CAD, which will mean the USD is likely to rise in relation to the CAD.  It is not a perfect indicator, but as a general guideline it works well.  This means the USD/CAD currency pair is likely to push higher as oil prices fall.  While this is not an oil analysis, a move back to former lows is not expected in oil, so the oil fall is likely to be  just  a natural correction.  Thus I believe oil will fall, but for a short time.  Large moves in oil can affect the pair dramatically…as they did today (June 22).  Thus, keep an eye on oil when following this pair.

The average daily range of the pair is currently hovering around 150 pips per 24 hour period starting at 00:00 GMT.  Keep this in mind when making projections for day trading and when using profit targets with time constraints.

Please add comments or if you questions please ask them view the comments link at the bottom of the post.

Want to learn more about chart patterns or other forex and stock market trading methods?  Check out my Trading Courses page.

Source: Forexyard, USD/CAD Daily Chart

To Your Trading Success,

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

———

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.

I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.

The pair is in a sharp downward sloping wedge.

The interesting thing is this wedge’s apex is right at the major support level of 95.60.  Thus, this wedge can give us an early indication of which way the market is likely to act off this support level.

From the chart you can see the trendlines of this wedge.  A break above indicates a move of 75 pips from the breakout price, either up or down.

As of when I post this the upside trendline is at 96.00 and the downside breakout price is 95.80.  The risk is small for the potential reward.

Want to learn more about chart patterns or other trading methods?  Check out my Trading Courses page.

Source: Forexyard, USD/JPY 30 Min Chart

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

———-

Want to learn more about chart patterns or other trading methods?  Check out my Trading Courses page.

———

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.

I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.

Here is a video where Marketclub will go through 13 currencies on the fly.  It will also show you a quick and effective way to analyze the dollar index at the same time.

They show a super fast way to see whether you want to be in the market or not.  There are some interesting tidbits of information in this video, including how to watch different time frames to confirm trades.  Even if you don’t use Marketclub, it is a very interesting video.

It is a quick and easy lesson that will show you exactly what certain pro traders look for when getting into a market.

http://www.ino.com/info/379/CD3784/&dp=0&l=0&campaignid=3

The video is free to watch and there is no need to register.

To your trading success,

Cory Mitchell, CMT
Chief Market Strategist

The pair just broke minor and a major support

Source: Forexyard EUR/USD 15 Min Chart

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

———-

Want to learn more about chart patterns or other trading methods?  Check out my Trading Courses page.

———

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.

I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.

It has been a very long time since I posted a stock market update.  Right now is a pivotal time though, so I am posting one.  The market is very much due for a correction and we have our warning signals that this correction is now underway.

The S&P 500 broke through the trend line.  This coupled with a divergence on the RSI and several other factors (time factors, historical evidence, probabilities…) sets the stage for a reversal.  880 is the current support level, and if that is broken 820 is the 50% retracement level and initial target.   800 is the profit target based on the breakout from 880.

S&P 500 Daily

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

——————————

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June 18, 5:44 AM GMT

Please read the latest How to Use the Trade Ideas blog if you have questions. If you still have questions after, feel free to comment

With a short term uptrend in place we have a favorable set up for a buy.  A push above 1.3980 would indicate a profit target of 1.4040.

Another trade is buying near the bottom of the current range and using the same profit target.

The short term uptrend remains in tact as long as 1.3860 is not broken.  This trend will rise over time though.

The pair currently trades at 1.3937.

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

———-

Want to learn more about chart patterns or other trading methods?  Check out my Trading Courses page.

———

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.

I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.