2011 11 14 Migbank Daily Technical Analysis Report

8/3/2019 2011 11 14 Migbank Daily Technical Analysis Report

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MIG BANK / Forex Broker14, rte des Gouttes dOr CH-2008 Neuchtel Switzerland

Tel +41 32 722 81 00 Fax +41 32 722 81 01 [email protected] www.migbank.com

Please note: None of the strategies below represent trading advice or trading recommendations of any kind. Please refer to our full disclaimer.

WINNER BEST SPECIALIST RESEARCH

MA

S-TERMMULTI-DAY

L-TERMMULTI-WEEK

STRATEGY/POSITION

ENTRYLEVEL

OBJECTIVES/COMMENTS STOP

EUR/USD Awaiting New Sell Trade Setup.GBP/USD LONG 3 1.6000 All three objectives at 1.6200. (Entered on 14/11/11) 1.5900USD/JPY Await New Buy Trade Setup.USD/CHF Possibly looking to sell higherUSD/CAD LONG 3 1.0250 1.0360/1.0480/1.0670 (Entered on 10/11/2011) 1.0050AUD/USD SHORT 2 1.0570 1.0010/0.9710 (Entered 01/11/2011) 1.0470GBP/JPY LONG 3 122.70 124.10/126.00/127.32 (Entered on 14/11/11) 121.30EUR/JPY Possibly looking to re-sell.EUR/GBP SHORT 3 0.8555 0.8455/0.8285/0.8068 (Entered 11/11/2011) 0.8655EUR/CHF Sell stop 3 1.2130 1.2030/1.1526/1.1002 1.2230GOLD Awaiting New Sell Trade Setup.SILVER SHORT 3 34.1300 29.9700/26.0700/23.3400 (Entered 01/11/2011) 35.6880

DISCLAIMER &DISCLOSURESPlease read the disclaimer and thedisclosures which can be found atthe end of this report

DAILY TECHNICAL REPORT14 November, 2011

Ron William, CMT, MSTA

Bijoy Kar, CFA

Notes: Entries are in 3 units and objectives are at 3 separate levels where 1 unit will be exited. When the first objective (PT 1) has been h it the stop will be moved to the entry

point for a near risk-free trade. When the second objective (PT 2) has been hit the stop will be moved to PT 1 locking in more profit. All orders are valid until the next report is

published, or a trading strategy alert is sent between reports.


2/15

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Resuming sharp reversal into 1.3140.

EUR/USD is resuming its sharp reversal from key overhead resistance

(primarily an important 2 year trend-line).

The bearish move is now being further anchored down by heightened

European soverign debt risk after Italian Govt. yields launched above 7%.

The recent break under 1.3653 (18th Oct low) unlocks further downside

scope into 1.3146 (Oct swing low) and psychological level at 1.3000.

Further pressure is also weighing from broad risk-related proxies. The euro

currently shares a high correlation of 0.85% with the S&P500 which is now

falling sharply from its recent multi-week highs.

Inversely, USD Index has turned back higher above its long-term 200-day

MA. The bulls are likely to recapture the recent 9-month highs near 80.

Speculative (net long) liquidity flows are holding steady around their recent

spike highs (3 standard deviations from the yearly average). This will likely

remain strong and help resume the USDs major bull-run from its historic

oversold extremes (momentum, sentiment and liquidity).

Special Report:EUR/USD A Fall From Grace ? Decline Targets 1.3770/1.3410. VIDEO

MIG Bank Webinar: Why the US dollar is likely to gain up to 30% in 6-12 months.US Dollar Interview on Bloomberg

S-T TREND L-T TREND STRATEGY

Exited at 1.3655. Achieved PT1 Objective.

EUR/USD

Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454

EUR/USD

EUR/USD daily chart, Bloomberg Finance LP

USD Index daily, weekly chart and COT Liquidity, Bloomberg Finance LP

200-DMA(1.4104)

BERMUDATRIANGLE FAILED

BREAKOUTS

UPTREND(2 YEARS)

EUR/USD (Daily)

BREAKOUTZONE

(1.4000)

SHARP REVERSALAT KEY RESISTANCE

TARGETS 1.3000 & 1.2870

+

-

USD INDEX(4 YEARS)

DEMARKBUY SIGNAL

+27% +19%

TRIGGER(15000)

COT LIQUIDITY

+10%SO FAR

3 STD ABOVEONE YEARAVERAGE

EXTREME NETUS $ SHORTPOSITIONS

KEY SUPPORT(73.50-73.00)

913

USD INDEX

200-DMA(75.72)

DEMARKBUY SIGNALS

BREAKOUT ZONE

EUR 57.6%, JPY 13.6%, GBP 11.9%CAD 9.1%, SEK 4.2%, CHF 3.6%

9 MONTHHIGH
http://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdfhttp://www.youtube.com/watch?v=8JxLscMBUHY&feature=player_embeddedhttp://www.youtube.com/watch?v=8JxLscMBUHY&feature=player_embeddedhttp://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.bloomberg.com/video/75644864/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.bloomberg.com/video/75644864/http://www.fxstreet.com/webinars/sessions/session.aspx?id=8e1265eb-a0b4-4b43-87d3-e5be91699f54http://www.youtube.com/watch?v=8JxLscMBUHY&feature=player_embeddedhttp://www.migbank.com/research/howard/2011-06-17_migbank_daily-technical-analysis-report_special-focus-EURUSD.pdf


3/15

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Support near 1.5853 suggests a return to 1.6200.

Long strategy raised to 1.6000, with all three objectives at 1.6200. This was

communicated to clients via e-mail and through the MT4 platform.

GBP/USD has potentially completed a corrective phase off the recent

1.6167 high, with scope now for a return to 1.6167 ahead of a test of

1.6200, where a lower high may form. However, should the 1.6200 region

be met, a degree of resistance may be encountered, for a further pullback.

This year has seen a generally range bound environment, with a return to

the highs of the annual range possible, near 1.6618/1.6747. Our bias

remains positive due to the near-term bullish structure that is in place.

While above 1.5632 further strength is favoured. However, if this region

fails to contain the current corrective phase, then the bias will turn negativeagain.

Sterling is expected to stay stronger then most, should the US Dollar enter

into a strengthening phase.


Long 3 at 1.6000, All three objectives at 1.6200, Stop: 1.5900.

GBP/USD

Bijoy Kar, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 424

GBP/USD hourly chart, Bloomberg Finance LP

GBP/USD daily chart, Bloomberg Finance LP
mailto:[email protected]:[email protected]:[email protected]:[email protected]


4/15

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Probability now favours retracement to pre-intervention levels.

USD/JPY is continuing to edge lower, with the growing probability of another

price retracement back to pre-intervention levels (PIR) and potentially even

a new post world war record low beneath 75.35 (PINL).

Furthermore, sentiment in the option markets continues to suggest that

USD/JPY buying pressure remains overcrowded as everyone in the market

continues to try and be the first to call the market bottom.

This may inspire a temporary, but dramatic, price spike through

psychological levels at 75.00 and perhaps even sub-74.00. Such a move

would help flush out a number of downside barriers and stop-loss orders,

which would create healthy price vacuum for a potential major reversal.

The medium/long-term view remains bullish, as USD/JPY verges toward a

major long-term 40 year cycle upside reversal. Expect key cycle inflection

points to trigger into November-December this year, offering a sustained

move above our upside trigger level at 80.00/60, then 82.00 and 83.30.

Keep in mind that such a scenario would help reactivate the longer-term

technical bias, including prior monthly DeMark exhaustion signals, within

the ending diagonal pattern, launhcing a powerful recovery into 91.00.

Please select the link below to review our special coverage on USD/JPY.

Special Report: USDJPY Verging on a major 40 year cycle reversal

Webinar: USD/JPYs Long-Term Structural Change


Awaiting Renewed Buy Trade Setup.


USD/JPY

USD/JPY daily, weekly chart, Bloomberg Finance LP

83.30

USD/JPY(Daily1 YEAR)

QUAKE

SHOCK!

POST INTERVENTIONRETRACEMENT (PIR I)

POSTG7

MOVE (I)HIGH

82.00

PIR II

80.24

POSTBOJ

MOVE (II)HIGH

DEMARK BUY SIGNAL AHEADOF NEW POST WWII LOW (75.35)

POSTBOJ

MOVE (III)HIGH

MONTHLY DEMARKBUYSIGNAL

USD/JPY Weekly(2007 2011)

ENDINGDIAGONAL

PATTERNBREAKOUT

TARGET(85-79)
http://www.migbank.com/research/howard/USDJPY_Verging_on_a_Major_40_Year_Cycle_Reversal.pdfhttp://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.fxstreet.com/webinars/sessions/session.aspx?id=d77a35a0-4a11-44fa-a883-c95e01661d21http://www.migbank.com/research/howard/USDJPY_Verging_on_a_Major_40_Year_Cycle_Reversal.pdf


5/15

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Under 0.8960 will warn of the end to the corrective phase.

Sell strategy at 0.9100 removed.

USD/CHF may have completed a symmetrical correction from the low at

0.8568, after reaching 0.9151 in recent trade. We now wait to see if the

0.9151 high can contain price on the upside.

In particular we look to see if a break under 0.8923 can be realised as this

would increase the probability of a return to weakness.

While below 0.9316, medium-term structure is suggestive of a re-test of the

zone close to 0.8242, ahead of a possible return to 0.9316. However, we

are mindful of the effect a return to 1.2000 in EUR/CHF may have in

USD/CHF. Back under 0.7712 is required to change the medium-term

bullish bias.

As Italian government bond yields have eased away from the highs, this

takes the pressure off the Swiss Franc as a safe haven, for now.


Sell strategy removed for now. Possibly looking to sell higher.

USD/CHF hourly chart, Bloomberg Finance LP


USD/CHF

USD/CHF daily chart, Bloomberg Finance LP


6/15

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www.migbank.com

Bulls hold gains above psychological 1.0000 level.

USD/CADs short-term price activity remains positive, following the sharp

bullish reversal from the psychological 1.0000 level (prior trading range).

Positive momentum needs to push above 1.0264 and 1.0400 to rebuild the

potential major upside reversal higher above the old resistance level at

1.0673 (August high & Congestion zone).

A strong directional confirmation above here will open a much larger

recovery into 1.0850 plus. This would extend the upside breakout from the

rates ending triangle pattern, which was part of a major Elliott Wave cycle.

Only a sustained close beneath parity will unlock bearish setbacks into the

long-term 200-day MA at 0.9823 and 0.9726 (31st Aug low).

EUR/CAD is extending above its 200-day MA, within a large multi-month

trading range. Key resistance continues to hold at 1.4379 (June swing high),

which has for some time marked a strong distribution pattern.

CHF/CAD is retesting its support nearby the 200-day MA at 1.1314,

following the dramatic price slide lower (triggered by the SNB intervention).

The cross-rate has now retraced more than half of its 2011 gains.


Long 3: 1.0250, Objs:1.0360/1.0480/1.0670, Stop: 1.0050Ron William, Technical Strategist, E-mail:[email protected], Phone: +41 32 7228 454

USD/CAD

USD/CAD daily, weekly chart, Bloomberg Finance LP

EUR/CAD and CHF/CAD daily chart, Bloomberg Finance LP

USD/CAD (Weekly)

CONFIRMATIONABOVE 1.0680

OPENSLARGER

DEMARKBUY SIGNAL

USD/CAD (Daily)

August High(1.0673)

200-DMA(0.9823)

200-DMA(1.3841)

MAJOR RESISTANCE

50%(1.3570)

61.8%(1.3379)

EUR/CAD (Daily)

REVERSALPATTERN

CHF/CAD (Daily)

200-DMA1.1314

50%(1.1488)

61.8%(1.0893)


7/15

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Sharp setbacks weigh.

AUD/USDs sharp setbacks continue to weigh. The move was triggered

from key resistance at 1.0765 (01st Sept high) and is now holding beneath

the 200-day MA (1.0418).

A sustained move below here is likely to mount downside pressure on the

rates multi-year uptrend.

Elsewhere, the Aussie dollar remains stable against the New Zealand dollar.

The pair is still locked within its new bear cycle structure while it holds

beneath its 200-day MA. Key support can be found at 1.2320 and 1.2100.

The Aussie dollar has reversed gains against the Japanese yen and is now

trading back below the long-term 200-day MA which is currently at 83.11.

Near-term support continues to hold at 77.63 (18th Oct low). A break here

will resume downside scope into 76.70 and signal further unwinding of risk

appetite.


SHORT 2: 1.0570, Obj: 1.0010/0.9710, Stop: 1.0470

AUD/USD


AUD/USD daily, weekly chart, Bloomberg Finance LP

AUD/NZD and AUD/JPY daily chart, Bloomberg Finance LP

200-DMACAPSBEARMKT

AUD/NZD(Daily)

KEY SUPPORT1.2319 / 1.2100

200-DMA

(83.12)

13

38.2%(76.70)

61.8%

(68.47)

50%(72.58)

AUD/JPY(Daily)

DEMARKSELL SIGNAL

RESUMPTION OF

BREAKDOWNADDS TO

RISK AVERSION

AUD/USD(Weekly)

38.2%(0.9144)

50%(0.8546)

61.8%(0.7947)

3 YEARUPTRENDISUNDER

PRESSURE

STRUCTURALLEVEL

KEYZONE

AUD/USD(1 YEAR)

DEMARKSELLSIGNALS

200-DMA(1.0418)


8/15

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Continues to trade close to an area of potential support.

GBP/JPY continues to trade close to the 122.38/65 platform. This now

potentially completes the corrective structure that has been witnessed since

127.32, with support anticipated.

Now that the surge higher from the end of October has been unwound,

there is scope for a higher low to form, for a fresh swing to the upside. It is

this unwinding that we have been expecting ahead of any potential fresh

strength.

Bigger picture a rise towards 129.00/130.00 is possible, given the daily

structure present since 116.84. A push back under 121.39 is needed to

negate this positive structure.


Long 3 at 122.70, Objs: 124.10/126.00/127.32, Stop: 121.30

GBP/JPY

GBP/JPY daily chart, Bloomberg Finance LP


GBP/JPY hourly chart, Bloomberg Finance LP


9/15

9


www.migbank.com

Return to 104.73 favoured.

Remainder of short position stopped at entry.

EUR/JPY has returned to test the old hourly channel as resistance, after

peaking at formed a corrective structure in the hourly timeframe and hassubsequently broken under 106.50. This now triggers the bearish flag that

we had seen in the daily timeframe, warning of further losses towards

104.00 and possibly lower.

Yesterday saw support close to the 61.8% retrace of the 100.76 111.60

rise, after meeting 104.73. From there a test of the region close to the

38.2% retrace of the 108.25 104.73 fall has already taken place. Failure

to hold under this 38.2% retrace will warn of a minimum return to the 106.50

region.

Structure present since 108.25 also suggests scope for a further leg lower

back towards 100.76 if a sustained break under 104.75/3 can be achieved.

A sustained hold over the 200 day moving average will turn the outlook

bullish.


Possibly looking to re-sell.

EUR/JPY hourly chart, Bloomberg Finance LP


EUR/JPY daily chart, Bloomberg Finance LP

EUR/JPY


10/15

10


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Lower high sought for fresh weakness.

EUR/GBP has managed to find a footing back over daily trend line support

that was broken last week. We wait to see if this push back higher can be

maintained on a closing basis. Of stronger significance is the push out of

the three month range seen last week, following the fall under 0.8530/31.

This now warns of a larger breakout to the downside to target

0.8285/0.8068. Such a move will be assisted by the perception of Sterling

as a safe haven, assuming the yields of Italian government bonds can stay

above 6.00%

In the near-term, a break back over 0.8652 is required to neutralise the

outlook once again. In the meantime, a lower high is sought for a further

extension lower.

Failure to hold under the old double bottom and trend-line will warn of a

false break lower, with a danger that trade returns back into the old range.

Scope is seen for a near-term return to 0.8486.


Short 3 at 0.8555, Objs: 0.8455/0.8285/0.8068, Stop: 0.8655

EUR/GBP hourly chart, Bloomberg Finance LP

EUR/GBP daily chart, Bloomberg Finance LP

EUR/GBP



11/15

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Continued resistance expected close to 1.2500.

EUR/CHF has remained strong, particularly in light of the movement in

Italian government bond markets, where 10 year yields are maintaining a

foothold over 6.00%. Over time, this may lead to a renewed desire for a

safe haven, with downside pressure returning to EUR/CHF.

Should a re-test of the 1.2000 region take place with a fall under 1.1973 also

following, this would warn of the end of the recovery seen since 1.0075,

increasing the probability of a return to this level.

In any case, strong resistance is anticipated should this rate reach the

1.2500 zone. The recent failure to maintain trade above the 50 week

moving average is also noted.

It remains to be seen if the SNB will be able to hold back the possible flow of

funds into Swiss Francs, that may occur, if further stresses lead to yet

higher yields in Italian government bonds.

S-T TREND L-T TREND

Sell stop 3 at 1.2130, Objs: 1.2030/1.1526/1.1002, Stop: 1.2230.

EUR/CHF weekly chart, Bloomberg Finance LP

EUR/CHF

EUR/CHF hourly chart, Bloomberg Finance LP



12/15

12


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Positive for the short-term.

Gold remains fragile after its dramatic 20% price fall, which helped confirm

the extreme overbought conditions (marked by DeMark indicators). This

also timed a key cycle peak, ahead of that all-important $2000 glass-ceiling.

However, short-term price activity is building constructively higher around

key level at 1760. A sustained move above here would open moves into

1844.

Speculative (net long) flows remain a concern having recently breached a

key downside level which may threaten over 2 years of sizeable long gold

positions.

There is heightened risk of a much larger decline if we confirm a weekly

close beneath $1600 and $1554-30 (200-day MA/swing low), which has not

been breached in 3 years!

A number of bargain hunting trend-followers will be watching this

benchmark line in the sand for repeat support or a potential big squeeze

lower into $1300 and perhaps even $1040-1000. Remember, this would still

offer a unique buying opportunity in the near future.

Please select links for in-depth Gold coverage:

Special ReportGolds mountainous peak at riskbeneath $1600 VIDEO

Bloomberg Countdown CNBC Squawk Box MIG Bank Gold Webinar video(BLOOMBERG&CNBCREPORTS)


Awaiting New Sell Trade Setup.

GOLD

Gold weekly, daily chart and COT Liquidity, Bloomberg Finance LP


TRENDCHANNEL(12 YEARS)

I

RISK ZONE III

CONFIRMATION BELOW $1530UNLOCKS LARGER DECLINEINTO $1300 & $1040-1000

26%

34%

20%SO FAR

25%

II

COT NET LONGSPECULATORPOSITIONS

OVER 2 YEARS OFSIZEABLE LONG

GOLD POSITIONSUNDER THREAT

IF KEY LEVEL BREAKS

200-DMANOT BROKENIN 3 YEARS!

DEMARK SIGNALWARNED OF GOLDSOVERBOUGHTCONDITIONS

BREAKOUT

$1704

$1600

DOWNSIDE: $1600 / $1530 UPSIDE: $1760 / $1844

GOLD KEY TRIGGER LEVELS

$1532

DOUBLETOP

$1760
http://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdfhttp://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdfhttp://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdfhttp://www.youtube.com/watch?v=haKdlGKWyjQ&feature=player_embedded&list=PL953E96C7BE48D2FAhttp://www.youtube.com/watch?v=haKdlGKWyjQ&feature=player_embedded&list=PL953E96C7BE48D2FAhttp://www.bloomberg.com/video/78409176/http://www.bloomberg.com/video/78409176/http://video.cnbc.com/gallery/?video=3000042202http://www.fxstreet.com/webinars/sessions/session.aspx?id=8f81a2e3-e29b-4031-b370-a85149271145http://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.cnbc.com/id/44310840http://www.cnbc.com/id/44310840http://www.cnbc.com/id/44310840mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.cnbc.com/id/44310840http://www.bloomberg.com/news/2011-09-11/gold-may-fall-below-1-700-before-extending-bull-rally-technical-analysis.htmlhttp://www.fxstreet.com/webinars/sessions/session.aspx?id=8f81a2e3-e29b-4031-b370-a85149271145http://video.cnbc.com/gallery/?video=3000042202http://www.bloomberg.com/video/78409176/http://www.youtube.com/watch?v=haKdlGKWyjQ&feature=player_embedded&list=PL953E96C7BE48D2FAhttp://www.migbank.com/research/howard/2011-09-13_Gold_Special_Report_(RW).pdf


13/15

13


www.migbank.com

Key support at $26.0700.

Silver has developed a short-term recovery from its previous swing low at

26.0700. However, macro price structure continues to focus on the

downside risks, following the major sell-off in September.

Such a dramatic move traditionally produces volatile trading ranges. This

allows the market to have enough time to recover and accumulate renewed

buying interest.

Expect a large trading range to hold between $37.0000-26.0700 over the

multi-week/month horizon, with downside macro risk into $21.5165 (61.8%

Fib-1999 bull market) and $20.0000. This would still maintain silvers long-

term uptrend and help offer a potential buying opportunity for the eventual

resumption higher.

Continue to watch the gold-silver mint ratio which has now accelerated

higher by 67%, suggesting further risk aversion over the next few weeks.


SHORT 3: 34.1300, Obj: 29.9700/26.0700/23.3400, Stop: 35.6880

SILVER

Spot Silver daily, weekly chart and Gold/Silver mint ratio, Bloomberg Finance LP


BULLMARKET

FROM1999

Silver Monthly (since 1980)

13

38.2%(32.3135)

50%(26.9150)

61.8%

(21.5165)

I

II

OVER 30YEAR BASE PATTERN

Silver HITS 1980 Spike High! DEMARKSELL SIGNAL

13 YEAR LEVEL

UNWINDING 67%FROMOVERSOLD TERRITORY

Gold/Silver "Mint" Ratio

KEYSUPPORT(26.0700)

DEMARKSELL SIGNALS

Silver (Daily)

200 DMA(36.5125)


14/15

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Limitation of liability

MIG BANK disclaims, without limitation, all liability for any loss or damage of any kind,

including any direct, indirect or consequential damages.

Material InterestsMIG BANK and/or its board of directors, executive management and employees may have or

have had interests or positions on, relevant securities.

Copyright

All material produced is copyright to MIG BANK and may not be copied, e-mailed, faxed or

distributed without the express permission of MIG BANK.

Notes: Entries are in 3 units and objectives are at 3 separate levels where 1

unit will be exited. When the first objective (PT 1) has been hit the stop will bemoved to the entry point for a near risk-free trade. When the second objective

(PT 2) has been hit the stop will be moved to PT 1 locking in more profit. All

orders are valid until the next report is published, or a trading strategy alert is

sent between reports.

DISCLAIMERNo information published constitutes a solicitation or offer, or recommendation, or advice, to

buy or sell any investment instrument, to effect any transactions, or to conclude any legal act

of any kind whatsoever.

The information published and opinions expressed are provided by MIG BANK for personal

use and for informational purposes only and are subject to change without notice. MIG BANK

makes no representations (either expressed or implied) that the information and opinions

expressed are accurate, complete or up to date. In particular, nothing contained constitutes

financial, legal, tax or other advice, nor should any investment or any other decisions be

made solely based on the content. You should obtain advice from a qualified expert before

making any investment decision.

All opinion is based upon sources that MIG BANK believes to be reliable but they have no

guarantees that this is the case. Therefore, whilst every effort is made to ensure that the

content is accurate and complete, MIG BANK makes no such claim.

LEGALTERMS


15/15

15


www.migbank.comRon WilliamTechnical [email protected]

MIG [email protected]

14, rte des Gouttes dOrCH-2008 NeuchtelTel.+41 32 722 81 00

Bjioy KarTechnical [email protected]

CONTACT

Howard FriendChief Market [email protected]
mailto:[email protected]:[email protected]://www.migbank.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.migbank.com/mailto:[email protected]:[email protected]

Documents

2011 11 14 Migbank Daily Technical Analysis Report