TFH12 has hit the Zone-Trader Pivot on the Yearly Profile at 797.00 just as we had suggested, now this market is balanced on the year and begin attempting to make another breakout. Keep in mind this price level was plotted almost a year ago and clearly demonstrates the power of Zone-Trader Philosophy.
Now that we have hit the Yearly Pivot and are balanced on the year, we must focus on the Quarterly Profile in order to get a clear picture of which direction TFH12 will attempt to breakout next. Currently TFH12 is attempting to make a bullish breakout on the Quarterly Profile. It has not made a bullish breakout yet, nor has it failed, so the next few trading days will be key.
Keep in mind in order for TFH12 to make a bullish breakout according to Zone-Trader Philosophy it will have to make a candle body close above the midpoint between MR1 and MR2 which the price of this level is 800.60. If TFH12 cannot make a bullish breakout it will revert back to the Zone-Trader Pivot on the Quarterly Profile at 758.60, which will be our first target to the downside.
Currently the Yearly Pivot at 797.00 has held very strong as a key long-term resistance and keep in mind I mentioned in the prior post that this level is also now the midpoint of the Persistence Zone for the 2012 trading year. This makes this a strong level to breach, so if the Quarterly Profile fails to make bullish breakout i would look to load up heavy on the short side of the market.
I prefer to not form a bias and just let the Zone-Trader Philosophy guide us accordingly but currently the picture being painted is bearish. But again it will be completely dependent on the Quarterly Profile.
Here is the screenshot.
Now that we have hit the Yearly Pivot and are balanced on the year, we must focus on the Quarterly Profile in order to get a clear picture of which direction TFH12 will attempt to breakout next. Currently TFH12 is attempting to make a bullish breakout on the Quarterly Profile. It has not made a bullish breakout yet, nor has it failed, so the next few trading days will be key.
Keep in mind in order for TFH12 to make a bullish breakout according to Zone-Trader Philosophy it will have to make a candle body close above the midpoint between MR1 and MR2 which the price of this level is 800.60. If TFH12 cannot make a bullish breakout it will revert back to the Zone-Trader Pivot on the Quarterly Profile at 758.60, which will be our first target to the downside.
Currently the Yearly Pivot at 797.00 has held very strong as a key long-term resistance and keep in mind I mentioned in the prior post that this level is also now the midpoint of the Persistence Zone for the 2012 trading year. This makes this a strong level to breach, so if the Quarterly Profile fails to make bullish breakout i would look to load up heavy on the short side of the market.
I prefer to not form a bias and just let the Zone-Trader Philosophy guide us accordingly but currently the picture being painted is bearish. But again it will be completely dependent on the Quarterly Profile.
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