What is the direction of highest probability today? (02/11/09)
By Johan Kriek (jkriek@fxinstructor.com)
Key notes
- The markets are sideways (you’ll see all the No Trade Zones)
- No real significant fundies are released today except pending home sales later in the US session
- I’d rather sit back and be patient and wait for those breaks
Probability Studies:
Direction of Highest Probability: BEARISH
60 minute trend resistance: 1.4800
Bullish Probability above: 1.4800
Significant resistance: 1.4800
Significant support:1.4695
Direction of Highest Probability:No Trade Zone – Wait for pattern to breakout first
Bearish Probability below: 1.6345
Bullish Probability above: 1.6535
Significant resistance: 1.6535, 1.6630
Significant support:1.6350, 1.6345, 1.6050
Direction of Highest Probability: BEARISH
60 minute trend resistance: 0.9070
Bullish Probability above: 0.9070
Significant resistance: 0.9070, 0.9125
Significant support:0.8950
Direction of Highest Probability: BEARISH
60 minute trend resistance: 90.75
Bullish Probability above: 90.65
Significant resistance: 90.656
Significant support:89.44
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This analysis has been based on the Probability Study Technique which is derived from the Dow Theory
Also note that a “trading condition” does not constitute a trading signal, but rather a context to execute your own trading system
within.
For more about the Probability Study Technique, please visit forums.fxinstructor.com or register yourself a seat at
http://www.fxinstructor.com/eng/courses/probability.php to learn this technique or to book a free Level 1 class
Enjoy and good luck!
Johan
See original here:
What is the direction of highest probability today? (02/11/09)
