Forex commentary: Silver top model Expoding fakey complete – 4 November 2010

Forex commentary

The dollar fell further today.Weighing heavily on the dollar was greater energy and commodity prices. Gold spot touched record levels again today as the Fed move to increase the supply of money in the United States weighed down the dollar.
The weak dollar is considered as inflationary pressures for the American economy, however, that should help the sector export USA weak push. Technically the dollar remains extremely weak and the tendency remains bearish.

Negotiation/chart settings in the foreground

Silver

We have discussed setting bullish market for silver fakey members comment yesterday, noting the fakey/pin huge buy installation which was formed on the daily chart section.This was a "huge" long tail pin bullish bar fakey, that is not the conventional action price signal. this signal required above high bullish confirmation to confirm, and which in fact occur overnight, catipulting prices to record levels, producing a close above the resistance level of $ 25.00. Signals like this are you unique and rarely occur, but the principles remain the same. Annotated chart below shows the inside bar structure that then saw prices form a false break down and then reversing next back to top ups bullish, completing the fakey pattern.

For more in-depth information on of my action price trading signals/setup check out my Forex advanced action price negotiation

Other markets

In New York, the stock market extended impressive rally near two-year highs, a day after the Federal Reserve has unveiled a plan to revive the economy.

The Dow Jones added points 219.71 today, or 1.96%, S & P 500 gained points 23.09 or 1.93% and the Nasdaq added paragraphs 37.07 or 1.46%.

The next important ads: 11/5

Provisional: Japan – BOJ press conference
05: 30: Britain – PPI input m m
07: 00: Canada-employment change
07: 00: Canada-unemployment rate
8: 30amEST: Canada – building permits m m
08: 30: United States – non-farm employment change
08: 30: United States-unemployment rate
10: 00 am EST: United States – pending home sales m m
2: 00 pm EST: United States-Chairman Bernanke speaks