Forex Trader DailyThe intraday GBP/USD has steadily trended lower as prices are in a distribution cycle on the daily chart. This make the downtrend swing shorts on the 15, 30, 60, and 240 minute time frames a more viable trading environment. The idea is to wait for bounces within the downtrend and short at key resistance levels. [...]
There are a number of ways to identify corrections whether it be psychological price levels, pivots, the 34ema Wave or Fiboancci levels. While this list is far from exhaustive, Fibonacci analysis is as powerful as it is often misunderstood.
The idea behind identifying support or resistance with Fibonacci analysis lies in the most recent sell-off or [...]
An uptrending pattern and the 34ema high are setting up solid correction entries on the 30 minute EUR/USD. The pullback zone of interest will be between the 34ema high and the uptrend line of the rising wedge pattern which is currently at 1.4501. Stepping in front of the size waiting at 1.4500 by using 1.4505 [...]
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 [...]
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 [...]
The weakness on the intraday GBP/USD is shifting as prices are testing resistance levels of downtrending patterns. The 60 minute chart has a Continuation Falling Wedge that is currently holding prices under the
top line of the pattern (R). Resistance here is being tested as the downtrend slows and transitions. The transition can be seen on not only price action [...]
The intraday EUR/USD has been trending lower as Friday’s Non-Farm Payroll release approaches. The stall is becoming clear across the 15 and 30 minute charts. The 30 minute time frame has a Continuation Channel Down pattern that has broken the downtrend line resistance (R) as prices transition into a more sideways market cycle. This can be confirmed by the low [...]
Prices aren’t there…yet. Be ready for the opportunity to fade a rally towards the 93.00 level as the 240 minute is currently in a distribution cycle. This cycle is one that typically exhausts at ceilings and floors and since the USD/JPY has reversed from the 93.00 before, it’s a set up to keep an eye on. The [...]
The 60 minute AUD/USD has been trending higher but as of recent the uptrend has slowed. Normally this would mean waiting for a distribution or accumulation cycle, however with the the 0.9100 support just below current prices, there is a reason to look for an aggressive buy. The uptrend line support of the channel up pattern is currently support [...]
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 [...]