Forex Trader DailyAs with any strong trend there are always traders ready and eager to jump in. Getting in at the high of an uptrend might “feel good” but it’s not necessarily the best strategy. If the uptrend is confirmed, waiting on a correction is a lower risk entry long. Watch the support of the 34ema high as well [...]
The GBP/USD has been a difficult pair to trade this week for many traders as it has not been moving with the EUR/USD. Today’s U.S. Dollar sell-off and Dow rally has the GBP/USD moving in a familiar way again. The 30 minute chart has formed a Continuation Rising Wedge as prices have moved higher and [...]
As the daily chart of the EUR/USD is in a mark up cycle, the intraday time frames are all pulling back as the equities weakness strengthens the U.S. Dollar and in turn send the EUR/USD lower. The long term trader could wait for the channel up pattern to trade down to uptrend line support just [...]
The downtrend on the 15 minute aussie is setting up a swing short as trading will begin in Asia shortly. The channel down pattern as well as the 34ema low could provide selling pressure for a swing trigger off this resistance area. The conservative entry would be off downtrend line resistance (dotted yellow line) while the more aggressive short [...]
The 15 and 30 minute USD/CAD is heading higher in a mark up cycle which means that the corrections between the 1.0720 and 1.0700 are a swing buy zone.
Entry 1.0720 buy
S/L 1.0687
Target 1.0750
For educational purposes only.
The 60 minute GBP/USD is currently trading within the range of a triangle pattern with a positive MACD Histogram reading which points to the possibility of a upside breakout. Prices have not yet broken the downtrend line resistance so wait until the 1.6400 level is broken since the resistance of the major psychological level is [...]
As an uncomfortable as buying into weakness may be, it must always be within an overall trend to be valid. That’s exactly the case here on the daily EUR/USD as prices have sold off the the 1.4800 psychological support, the 50% Fibonacci as well as the support of the 34ema high.
Entry 1.4805 buy
S/L [...]
Most intraday charts are most susceptible to the ebb and flow of daily psychology and the fear and greed that will move any pair. However stepping out to a longer time frame like a 240 minute chart will allow for larger trend trading without being shaken out by short term volatility.
The Continuation Rising Wedge formation [...]
The USD/CAD is in a mark up cycle (C) that is slowing as prices are correcting to the uptrend line of the Continuation Channel Up. The swing buy trigger also has the added support (S) of the 1.0500 level which is a significant psychological price level.
The 240 minute time frame is a slow intraday time frame which is [...]
After a sell-off like Friday’s there aren’t many intraday buy set ups because of dramatic sell-off to the 1.6300 level. But this sell-off has triggered a swing set up on the daily chart as prices have found support at the 38.2% Fibonacci level and the “00″ psychological level.
Entry 1.6305 buy
S/L [...]