Forex Trader DailyThe 30 minute EUR/USD is slowly climbing higher along the 34ema high support as the Asian session begins and the U.S. Dollar slides below 75.00. This should hold the EUR/USD up on this short term intraday time frame for a near term swing between now and the Frankfurt open.
Entry 1.4965 long
S/L [...]
The daily AUD/USD break of the rising wedge support has triggered a short but with the bounce a second chance entry may be available as prices close in on the 0.9130 area. This high also hit the uptrend line which now shows that the level can be resistance. With the 0.9150 and 0.9180 level overhead [...]
The 240 minute EUR/USD is moving sideways in a distribution cycle. The cycle allows for “fade” entries off horizontal levels such as the Forecast area resistance on the Continuation Flag and the resistance of the Continuation Ascending Triangle pattern. While these two levels are not in the same place on the price chart, the idea is the same: Look for [...]
The 15 minute GBP/USD is trading at a key decision level as prices are testing the downtrend line resistance of the Continuation Channel Down pattern. This level is setting up with a low Initial Trend reading which is indication that the downtrend may be shifting as it loses selling momentum. Since the Initial Trend is [...]
It’s been a crazy morning with the U.S. Dollar Index spike but the trend on the 15 minute chart remains down and is currently bouncing towards 34ema low resistance and the 1.4850. The mark down cycle is also visible on the 30 minute chart where the correction would be at 1.4870. Because of this, a [...]
The pullback is testing the 34ema low currently which means that the swing buy is testing validity but this odes offer a very low risk entry at these levels. The trend is still up on this time frame and the last three candles have been moving sharply lower so this is an aggressive entry. Use the psychological “50″ level [...]
The November low’s made for a “soft” support level just above the 89.00 psychological level. And while this support still may hold between 89.28 and 89.00 the market cycle is coming very close to shifting to a down trend as the 34ema high/low/close lines are angling downward at what could be called “four to six [...]
The downtrend on the 60 minute USD/JPY is pointing to continuation of the mark down cycle. The current bounce in the trend therefore sets up a swing short off 34ema low resistance currently waiting at the 89.80 minor psychological level.
Entry 89.80 sell
S/L 90.15
Target 89.50
For educational purposes only.
There’s an old saying: The only traders looking to buy into a downtrend are the ones who aren’t already short. Ok, maybe it’s not a common saying, but it’s one that should be. Consider this before jumping into an “contrarian” position when the trend is still strong. There is a way try and find a bottom however and that’s [...]
The downtrend on the USD/CHF is leveling out as prices are bouncing off the 1.0050 area. Prices have been as low as 1.0031. The 1.0000 will be a strong psychological level as the very low Initial Trend (T) reading indicates that the downtrend is transitioning to congestion confirming the current support. Keep an eye on the downtrend line (R) of [...]