Saturday, December 20, 2008

candles deliver for the last full week of 2008

two calls last week, bullish on eur/usd and bearish on usd/chf.
eur hit the ground running with the fed's move towards zero fuelling the ascent. the euro retraced 50% of its fall from 1.60 and then tested the 62% retracement level (around 1.47) before falling back on Thursday after the ecb cut its deposit rate in an attempt to get the money moving again. The move was hardly a surprise and will not come into effect until January 21, but the euro started to fall as the story broke and continued south until the end of the week. Nevertheless, the euro's early surge saw a weekly gain of 560 pips as it closed at 1.3921. That's a forecast rating of +4.02%.
we got a bearish mirror-image from usd/chf with added swiss fizz as the franc tested the 74.4% retracement level from the recent upmove to close the week at 1.1032, giving us a 733-pip confirmation of the candle's signal. This scores a forecast rating of +6.64%.
The week's forecast total comes to +10.66%, which gives us a running total of +12.63%.

Next week's trading will be light which means it could be flat or it could be really rocky. tomorrow, we'll be looking at what the candles foresee for the run up to christmas.

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