Inter-market Technical Analysis using algorithmic pattern detection
FRIDAY OCTOBER 8, 2010 11:10:00 GMT
Spot gold reached within a whisker of $1365 during yesterday’s trading but then took a dive and at the time of writing is trading at $1326.
The analysis which provided a useful technical target for yesterday’s high water mark, although I believe there is still further to go after a correction, was provided in the following Daily Form commentary which appeared almost exactly one year ago.
Sometimes markets are relatively easy to trade and yesterday’s FX market provided a couple of really easy opportunities.
Within minutes of peeking above $1.60 GBP/USD got a bad case of vertigo.
EUR/USD also found it too stressful to stay for very long above $1.40.
TRADE OPPORTUNITIES/SETUPS FOR FRIDAY OCTOBER 8, 2010
The patterns identified below should be considered as indicative of eventual price direction in forthcoming trading sessions.
None of these setups should be seen as specifically opportune for the current trading session.
For a more comprehensive listing of price formations detected by our pattern recognition algorithms please visit TradeWithForm
PTEN Patterson-UTI Energy Inc
Patterson Energy (PTEN) registered in today's scanning routines as exhibiting the following pattern description "Range expansion on increasing volume following an inside session near a multi-period high"
Dryships (DRYS) has a bullish looking flag formation.
SNDK SanDisk Corporation
SNDK looks vulnerable based on the money flow and volume characteristics.