Tuesday, December 7, 2010

Chart Request for FXE

We have the Irish Bailout Vote today.

Here's FXE's charts.

 1 min Distribution right into the opening gap , there's a small patch of accumulation recently, that;s the move that's happening now as I type this (12:34)

 5 min shows the accumulation that at least sent the trend lateral for over an hour.

 10 min again showing pretty heavy distribution right into the opening gap, sending prices lower
This is also in a leading negative divergence.

15 min again, more confirmation of the distribution on the open, there's another slightly less strong leading negative divergence on this chart as it's longer.

Basically if the 1-5 minute charts don't start going very positive and flow into the longer charts which carry more weight, then it's not looking very good at this point.

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