|
Serious Trade Opportunities in the Forex Market |
|
Blog & Emails
|
|
After recognizing several of the support and  Resistance area’s in yesterdays email, the majors have continued to test them. The USD made inroads on a few of the pairs and is now poised to strike while the market liquidity is low. These can be dangerous times to trade but if you are already in the market here are a few of the most important areas presented by all four majors.
EUR/USD: Trend line pierced, can it close below?
GBP/USD: Hanging Man formed yesterday
USD/JPY: Candle formation is a bummer for top side
USD/CHF: Weekly chart looks discouraging
EUR/USD
Overnight price action took the pair below the support line. The only difficult part of this break is that there isn’t a base line other than a flat line down around 1.2500. This could be a big move if sustained. The total move would be over 700 points and may take a few weeks to happen. Though I think it is doubtful to happen any time soon. However as soon as I say that, it will break tomorrow and be there by the time were unrepentantly killing Peeps Sunday morning. This will be a pair to watch for a few days.
GBP/USD
As mentioned in yesterday’s email, I am short this pair and am excited to see yesterdays’ candle form a hanging man. This certainly bodes well for my short and possible break even lower. The two key levels I am watching are the two red lines below. Should there be a strong move down, I may hold my position for a bit longer to see if there is a serious test of the first one and eventual break going toward the bottom line. That move seems to be several days away though.
USD/JPY
Yesterday’s candle looks like a hanging man candle, though I would prefer the bottom wick to be a bit longer for a rally good formation. Never the less it’s looking a bit discouraging for any further up side before a support line test, currently around 96.13. I’ll start looking for short opportunities on smaller time frames on a break of the green line. Maybe even go there now and look for opportunities to the green line. If you want to see some examples of this Bump and Run set up charck out yesterday’s 10KT entry, I put a couple of them there.
USD/CHF
I was hoping that the pair could make it over up to 1.1834 before the midpoint of this week. It doesn’t look like it will happen. My reason for that was the DE for next week is a down candle. This puts the possibility for that daily black candle I have wanted to close, a bit further off in expectations. However as long as the pair is above the bottom support line I will be looking for that to close. Last night’s price action was favorable but not quite strong enough.
|
Market Updates