Intraday GBP/USD Uptrend Fibonacci Support

by March 11, 2010

the intraday one hour chart of the GBP/USD is climbing higher in a fresh mark up cycle as prices are trading above 1.5050. This major psychological level is going to be key support if bulls are going to make a run higher at the 1.5100 level. While the support of the uptrend extends down to the 1.5000, near term Fibonacci support levels could help identify where buyers may be willing to step in. The 50% Fibonacci Retracement level is current where prices are finding buying support. The 61.8% “golden mean” is where prices are exhausting.

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GBP/USD Downtrend Transitioning

by March 9, 2010

Transitions are often the toughest adjustment for traders to make when they are setting up a time frame that was shifting. The idea behind the shift is a change in market sentiment and this means that the trader must adjust to this new market psychology. The intraday GBP/USD had been trending lower for Monday and early on during Tuesday’s trading session. The shift has slowed the downtrend and transitioned it to a sideways market cycle. The downtrend line of the falling wedge is currently being tested near the 1.5000 level. A breakout

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EUR/USD Swing Short Set Up

by February 1, 2010

The 240 minute EUR/USD has been heading lower as prices have been in a mark down cycle for a solid two weeks.  It’s the corrections in this downtrend that the focus should be on, not necessarily reversals, especially in such a strong downtrend.  The correction levels are aggressive at the 1.3900 level and conservative at the 34ema low which is currently at 1.3976.

Entry   1.3976 short

S/L         1.4010

Target  1.3920

For educational purposes only.

GBP/JPY’s 147.00 Level

by January 5, 2010

The 30 minute GBP/JPY is setting up a possible swing entry short as prices correct up to the downtrend resistance between 146.90 and 147.05.   The short term bounce heading into the Asian session sets up a nice trend following trigger within the context of a very strong intraday trend lower.

Entry   146.90 short

S/L         147.15

Target  146.50

For educational purposes only.

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Sidenotes

GBP/USD Intraday Pattern Reversal
February 4, 2010

The GBP/USD is setting up a potential reversal through the resistance of the falling wedge pattern on the 60 minute chart.  The break comes after a day that the U.S. Dollar rallied because of the widespread equities sell-off during Thursday’s session and in front of Friday’s Non-Farm Payroll.  The long entry at the downtrend line would be [...]

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USD/CAD Transition Shorts
February 2, 2010

The Initial Trend reading on all alerts must be considered in order to assess which set up to utilize in especially a trending pattern.  The 30 minute USD/CAD has formed a Continuation Falling Wedge Emerging Pattern as prices have begun to congest between the downtrend line resistance and the 1.0600 major psychological level support.  The [...]

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USD/CAD in Transition
January 11, 2010

The intraday USD/CAD has been trending lower but as Asia opens for the week, the 1.0300 has been tested and broken to the upside showing that buyers are stepping up.  The 60 minute chart has a Continuation
Falling Wedge that has formed with a weak Initial Trend.  Because of the slowing downtrend, keep an eye on the buying support [...]

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EUR/USD Uptrend Swing
January 11, 2010

The EUR/USD has been strong on the short term intraday charts.  The 30 minute charts has been heading higher towards the 1.4450 where prices have found selling pressure since the last week of December.  Prices
are correcting setting up a swing buy at the lower line (S) of the Continuation Chanel Up pattern as the 1.4420 level offer support. Even [...]

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