Charting the Markets on IG TV: Victoria Scholar interviews Eddie Tofpik MSTA
Recorded yesterday, October 2nd 2019, and sent over to me today, I cannot believe Eddie described the chart of the Australian dollar versus the US as ‘’a very pretty chart’’ and that cable’s rally was a ‘’fly in the ointment’’. It gets better, looking at Euro/Sterling he compares the relative gravitational forces of Mars (the single currency) and Jupiter (the pound). Poetry in motion and especially apt as today is National Poetry Day in the UK.
With his usual rather messy, faint bar charts covered with lines and labels, he admits that the latter are mainly for his own benefit. Adding to the slightly chaotic look is the fact he uses gridlines as background in this presentation. However, his focus on Andrews pitchforks on several of his charts is consistent and convincing. I also like the fact he says rules can sometime be broken. Like, despite 2 closes above the top tine of the pitchfork, this does not necessarily mean the channel no longer has value.
Downside targets for some of his currency pairs might be alarming to some, like euro/dollar at $1.0485 and cable at $1.0525, the thinking behind it all is clearly described. Equally interesting is the way he uses moving averages to help point to markets that are basically in a wide range, in this week’s presentation Nymex front month WTI crude oil future; they are currently clustering between $56.60 and $56.90, the tightness in the price disparity testament to a market moving sideways.
Over to gold which, despite a head and shoulders top, he and Victoria agree that one shouldn’t get too excited.
Click here to watch
Tags: Andrews Pitchfork, Bands, moving averages, Technical Analysis Course, Tines
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