Dec 06 2007
Who is the Fibonacci Man?
So, in the wild world of Forex, there seems to be one "trader" after another walking around with some eye-rolling monikers. I've been receiving an email newsletter from Jeff Greenblatt, who fancies himself as the Fibbonacci Man. I actually don't mind his emails - sometimes they do get very wordy, and I find myself skimming, but you're probably doing the same as you read this.
He likes to bring a little pop culture into his commentary, which is fine. I'm just glad he breaks up his emails under various subjects. Just to share some of his currency insights, I thought I'd post them here tonight, and if you're interested his email newsletter is free. He does have a love affair with selling his own book, but if you authored your own book, you'd probably do the same.
Excert from the Fibonacci Forecaster by Jeff Greenblatt
Dec. 6, 2007
He likes to bring a little pop culture into his commentary, which is fine. I'm just glad he breaks up his emails under various subjects. Just to share some of his currency insights, I thought I'd post them here tonight, and if you're interested his email newsletter is free. He does have a love affair with selling his own book, but if you authored your own book, you'd probably do the same.
Excert from the Fibonacci Forecaster by Jeff Greenblatt
Dec. 6, 2007
US DOLLAR
We discussed the Dollar chart on the Yorba show today and when we
draw the Fibonacci retracements from the October high and the August
high we have a 38/61% cluster in a range from 77.19-77.35. We are now
above most of the near term moving averages which are the 8, 20 and 50
on the hourly and 8, 20 on the daily but still below the 50. Today we
were stoned by the 50dma at 76.73. We started pulling back today and
are entering the 55-61 hour window off the low so if we are to continue
higher the action must stay benign with a turn up by the 61 hour window
at the latest on Monday morning.
draw the Fibonacci retracements from the October high and the August
high we have a 38/61% cluster in a range from 77.19-77.35. We are now
above most of the near term moving averages which are the 8, 20 and 50
on the hourly and 8, 20 on the daily but still below the 50. Today we
were stoned by the 50dma at 76.73. We started pulling back today and
are entering the 55-61 hour window off the low so if we are to continue
higher the action must stay benign with a turn up by the 61 hour window
at the latest on Monday morning.
YEN
The USD-JPY pulled back to 38% of the up move and exploded higher.
producing a new high for the cycle but also stopped at a larger 38% off
the October high. As far as the Yen contract goes, we are in the midst
of an extremely important test of polarity. We did it earlier in the
week where we came down to the area of the August high (.9040), bounced
which for all practical purposes could have been your flip in polarity
where former resistance is becoming support. But I told you it wasn't
so easy. A test of such importance is likely to take a while.
Consequently we are lower again. Remember the gap on November 8-9
around .89-.90? We are testing it again and likely will fill it. By
the time that concludes we should be somewhere in the 121-127 day
window with the bottom. If we get a perfect price and time cluster
that could be the turning point. However, by the time we get there we
should be closer to the end of the month and perhaps that will end the
Santa Claus rally. I've heard the talk about a manipulated Yen. If
that really is the case then look for it to stay down during the
holiday season.
producing a new high for the cycle but also stopped at a larger 38% off
the October high. As far as the Yen contract goes, we are in the midst
of an extremely important test of polarity. We did it earlier in the
week where we came down to the area of the August high (.9040), bounced
which for all practical purposes could have been your flip in polarity
where former resistance is becoming support. But I told you it wasn't
so easy. A test of such importance is likely to take a while.
Consequently we are lower again. Remember the gap on November 8-9
around .89-.90? We are testing it again and likely will fill it. By
the time that concludes we should be somewhere in the 121-127 day
window with the bottom. If we get a perfect price and time cluster
that could be the turning point. However, by the time we get there we
should be closer to the end of the month and perhaps that will end the
Santa Claus rally. I've heard the talk about a manipulated Yen. If
that really is the case then look for it to stay down during the
holiday season.
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