Guest forexpros Posted June 2, 2011 Share Posted June 2, 2011 ForexPros Daily Analysis June 02, 2011 Free webinar on ForexPros - My Top Strategy For Trading The Forex Markets Expert: Steve Primo Start: Thu, Jun 2, 2011, 09:00 EST End: Thu, Jun 2, 2011, 10:00 EST Steven Primo is a former Stock Exchange Specialist as well as a 34 year veteran of the markets. In this webinar he will share with you his proprietary concepts and techniques that are designed to capture consistent gains in the Forex Markets. Steven will also explain how to properly apply these methods so that you can elevate your trading to the next level. All of Mr. Primo’s techniques can be applied to the Forex markets in any direction and in any time frame. Click here to join free --- USD/JPY has broken the channel and now is facing down The break-down of the channel in the daily can be announced as successful. The Yen retested the lower boundary on Tuesday and returned to declines yesterday. USD is usually getting stronger against most of the currencies when Wall Street falls, and so it did but not against the Yen. The Yen is now supported at 80.70 and a break-down of this level can take it down to 79.0. However, if it crosses above 81.75, it can be pulled back into the channel. In the 4-hours chart, there is a bearish triangle, also supported at 80.70. It is possible to look for an intraday trade if it breaks the support, aiming to 80.0. In times of uncertainly investors will look for solid investments, and they found it in the Yen. However, no instrument is safer than the other. --- Forex Trading analysis written by Bastian Rubben for Forexpros. --- New on Forexpros, the Currency Correlation Calculator ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 6, 2011 Share Posted June 6, 2011 ForexPros Daily Analysis June 06, 2011 Free webinar on ForexPros - Techniques for finding consistent winners in the Emini’s Expert: Steve Primo Start: Thu, Jun 9, 2011, 09:00 EST End: Thu, Jun 9, 2011, 10:00 EST Steven Primo is a former Stock Exchange Specialist, a 34 year veteran of the markets, and founder of Specialist Trading.com. In this webinar Steven will share with you his favorite concepts, techniques, and strategies for trading the Emini futures. Mr. Primo's tools are extremely simple yet versatile, and can also be applied to trading any market, in any direction and in any time frame. Click here to join free --- ELLIOTT WAVE FX OVERVIEW Trading during Asian hours was relatively slow but still bearish for stocks after poor NFP from Friday. Nikkei lost around 0.8% of value, which however did not help to lif the US dollar, which is trapped in 50-80 pips ranges against the majors ahead of the European open! From a larger perspective, however, dollar is likely to weaken early this week, as price action suggests. Gbp/Usd Pound found resistance in the past week at 1.6547 which appears to be only a temporary top, as run from 1.6060 was a clear impulse move. Even if whole bounce from 1.6060 is just a deep corrective wave 2/B, we still need to see one push higher, which will be wave ©, before recovery can be done. The reason is a sub-structure of a correction, which we know must be minimum in three waves, and wave © will be a third wave of that move. USD/CHF Usd/Chf fell into a new low on Friday, and the reason for the move was lower dollar index and lower stock prices at the same time. In situation like this Swiss franc will tend to react as a safe haven currency. From a technical point of view, an upward corrective bounce is still what we are waiting for, before another strong sell-off occurs. We are talking about wave 4), which is part of an incomplete impulsive decline. USD/JPY Usd/Jpy is falling for the past few days, as poor economic news from the US shocked the markets across the board. As you know, from a technical point of view, we anticipated this sell-off, which however is still incomplete, as we are looking for a wave C) decline with targets seen below 79.57! Critical region was now moved lower, down to 81.77! --- Forex Trading analysis written by Gregor Horvat for Forexpros. --- New on Forexpros, the Currency Correlation Calculator ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 7, 2011 Share Posted June 7, 2011 ForexPros Daily Analysis June 07, 2011 Free webinar on ForexPros - Techniques for finding consistent winners in the Emini’s Expert: Steve Primo Start: Thu, Jun 9, 2011, 09:00 EST End: Thu, Jun 9, 2011, 10:00 EST Steven Primo is a former Stock Exchange Specialist, a 34 year veteran of the markets, and founder of Specialist Trading.com. In this webinar Steven will share with you his favorite concepts, techniques, and strategies for trading the Emini futures. Mr. Primo's tools are extremely simple yet versatile, and can also be applied to trading any market, in any direction and in any time frame. Click here to join free --- Did the USD/CAD shake you out? The Canadian has made a long bearish hammer after it broke through 0.9815 on Friday. Many amateurs closed their position during that shake-out, and now the CAD might rise up without them. The most important thing before opening a position is to set clear stop levels before going in. By doing that, the trader avoids getting nervous by the shake-out. In this case, if you entered during the break-up, you should have set the stop under Friday's & Thursday's lows at 0.9740. Traders, who did that, shouldn't let the volatility to shake them out of the trade, since the price did not reach the stop. Yesterday's candlestick was green, and my assumption for rising will turned to reality if the Canadian breaks through 0.985, which is the hammer's high. The 20 EMA crossed the 50 EMA in the daily and it is a strong sign for possible rising. Nevertheless, the main trend is still bearish and the Canadian is no doubt stronger than the USD if you analyze the big picture. Stochastic levels are getting close to overbought, but as long as the support at 0.965 is stable, there are good chances for a significant bullish move. --- Forex Trading analysis written by Bastian Rubben for Forexpros. --- New on Forexpros, the Currency Correlation Calculator ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 10, 2011 Share Posted June 10, 2011 ForexPros Daily Analysis June 09, 2011 Free webinar on ForexPros - Live Price Action Trading Expert: Raul Lopez Start: Wed, Jun 15, 2011, 09:00 EST End: Wed, Jun 15, 2011, 10:00 We’ll analyze the market and look for trade opportunities based on a price action approach. Click here to join free --- Gold is about to hit its historical highs The gold's price is back to its historical highs again. Many analysts and individual investors had estimated that the gold would not get back to 1550$ again this year, after the crash of the silver and other metals on the beginning of May. The daily & weekly charts show us once again that believing in a theory without keeping our minds opened to other scenarios, might prevent the trader from gaining a lot of money. In fact, the crash of the gold and other commodities was necessary in technical analysis terms. Directional indicators were calling for overbought for months and it was just a matter of time until they would correct, and as they sharply went up, so did they fall. However, whereas the silver is struggling to keep its price above the averages, the gold has calmly but quickly backed to 1500$ per ounce. An experienced trader knew how to take advantage of this situation. It was possible to spot the strong bullish "Double-Bottom" pattern at 1470$, and start looking for reversals around these levels. The reversal is better shown in the weekly chart. Now, the gold is facing the psychological resistance at 1550$, which is preventing the price from hitting the pick at 1569$. A strong break-up of this resistance might launch the price to 1600$ and above. This might occur if the uncertainly in the US economy remains, since the gold is investors' safe shore in time of storms. --- Forex Trading analysis written by Bastian Rubben for Forexpros. --- New on Forexpros, the Currency Correlation Calculator ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 13, 2011 Share Posted June 13, 2011 ForexPros Daily Analysis June 13, 2011 Free webinar on ForexPros - Live Price Action Trading Expert: Raul Lopez Start: Wed, Jun 15, 2011, 09:00 EST End: Wed, Jun 15, 2011, 10:00 We’ll analyze the market and look for trade opportunities based on a price action approach. Click here to join free --- Euro, Pound in Short Setups, Yen Confirms Range Euro: On the daily, the euro is in measured moves short and has hit its next full 50% long at 1.4331 and has found some support. The long has a target at 1.4899. On the 15 min chart, the euro is in measured moves short. The next extension short is at 1.4381 with a target at 1.4293. The line in the sand is at 1.4381, with the daily pivot at 1.4406. Pound: On the daily, the pound broke its shorts, breaking the daily setup at 1.6242. Yen: On the daily, the yen looks to be confirming its range and bounced off its previous low area at the 79 area. The next short setup in the yen's measured moves short is at 80.726, where the yen has met some resistance. This short is perilous being in the middle of the range. If the yen breaks its line in the sand at 80.971, then it will continue in its range. --- Forex Trading analysis written by Diana Rochford for Forexpros. --- New on Forexpros, the Currency Correlation Calculator ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 14, 2011 Share Posted June 14, 2011 ForexPros Daily Analysis June 14, 2011 Free webinar on ForexPros - Live Price Action Trading Expert: Raul Lopez Start: Wed, Jun 15, 2011, 09:00 EST End: Wed, Jun 15, 2011, 10:00 We’ll analyze the market and look for trade opportunities based on a price action approach. Click here to join free --- How did I know exactly how the USD/JPY would act? As I had estimated yesterday, the Yen touched the resistance of the trend line and made the hammer-doji candlestick in the daily. It seems to be a possible reversal level if the yen breaks-through the hammer's low at 80.0, which is also a psychological supporting number. The Yen reached almost exactly the levels I had assumed it would reach, and even made the same candlestick I believed it would make. How could I know that the Yen would react like that? Obviously, I could not really know, but my experience helped me to estimate a potential scenario, and now I am well prepared to that. My advice to you is the following: try to look at as many charts as you can. Draw simple resisting and supporting lines by back testing charts. Cover the right part of the chart with your hand, and try to predict the movement according to a certain pattern that you check, and see if you are right (do not try to predict a general movement- It has to be based on a specific pattern). In time, you will be able to estimate movements with high odds. --- Forex Trading analysis written by Bastian Rubben for Forexpros. --- New on Forexpros, the Currency Correlation Calculator ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 16, 2011 Share Posted June 16, 2011 ForexPros Daily Analysis June 16, 2011 Free webinar on ForexPros - Mindful Trading: Conquering the Eight Roadblocks to Trading Success Expert: Rande Howell Start: Tue, Jun 21, 2011, 10:00 EDT End: Tue, Jun 21, 2011, 11:00 EDT Recognizing that 90% of trading is in your head and more than 90% of traders lose money, those who really want to master trading must focus on developing the psychological skills of Mindful Trading. After years of chasing the Holy Grail of Trading, they discover that it lives within them. And they must develop their state of mind to become consistent, disciplined, confident, courageous, and impartial traders - it is these qualities that leads to stress-free and consistent success in trading. Come to this free webinar to learn about the Eight Roadblocks to trading success and how to move beyond mediocrity and into Mindful Trading. Click here to join free --- US Dollar Move: The Easy Money Is Gone, Wait on Pull-backs Stock markets are lower across the globe, after Greek debt worries and a slowdown of the U.S. economy. The results seen on the FX board is obviously higher reaction on US dollar and Japanese yen, currencies that were also supported after extremely bearish reaction on some of commodity markets yesterday during the US session. Now, the question is how to catch further strength of the US dollar?! Well, we can count five wave patterns on a lot of majors, so jumping into the market around current levels it’s definitely something that we are not interested in. As such, we really hope that some solid correction will occur, and give us an opportunity to go with the market. US Dollar Move: The Easy Money Is Gone, Wait on Pull-backs Looking at the Eur/Usd pair, decline from the 1.45 can be counted very easily in five waves, which means that in the near future, a corrective bounce higher should unfold. Well, it’s definitely not easy to call a bottom after almost 400 pips of decline. As such, ALT count also valid with wave (ii) already done at 1.42. We however need to be patient traders, and wait on a solid pull-back before we may consider shorting this pair! We are talking about wave (ii) retracement towards 1.43! Something similar is also unfolding on Aud/Usd, a pair that should continue lower while trades below 1.0715 resistance. The main reason for weakness on thus pair, is of course a lower commodity market! --- Forex Trading analysis written by Gregor Horvat for Forexpros. --- New on Forexpros, the broker spreads comparison tool ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 20, 2011 Share Posted June 20, 2011 ForexPros Daily Analysis June 20, 2011 Free webinar on ForexPros - Mindful Trading: Conquering the Eight Roadblocks to Trading Success Expert: Rande Howell Start: Tue, Jun 21, 2011, 10:00 EDT End: Tue, Jun 21, 2011, 11:00 EDT Recognizing that 90% of trading is in your head and more than 90% of traders lose money, those who really want to master trading must focus on developing the psychological skills of Mindful Trading. After years of chasing the Holy Grail of Trading, they discover that it lives within them. And they must develop their state of mind to become consistent, disciplined, confident, courageous, and impartial traders - it is these qualities that leads to stress-free and consistent success in trading. Come to this free webinar to learn about the Eight Roadblocks to trading success and how to move beyond mediocrity and into Mindful Trading. Click here to join free --- What Is Next For EUR/USD? The common currency is on the hot seat again. After being quiet for some time, the Greek sovereign debt problem resurfaced as a dominant market mover and the Euro’s price behavior reflects it. Its daily chart indicates lack of commitment by market participants. The EUR/USD had a nice rally in the early part of the year, reaching a high of 1.4939. That was followed by a pull back to 1.3968, very typical after a strong advance. Since then, however, the price has been indecisive – it has made neither a new low, nor a high, and is moving in smaller in swings. Drawing trend lines here creates a symmetrical triangle, with the EUR/USD quickly approaching its apex. On Thursday the lower trend line was tested, the price dipped under it, but closed higher for the day, confirming the indecisive phase of this market. Hopefully, that should not last much longer. Given where the price is located within the triangle, we can expect a move relatively soon. Technical indicators are not helpful now, with the MACD and the RSI at neutral levels. It is best to wait for the EUR/USD to break through either of the trend lines before placing trades based on this chart. --- Forex Trading analysis written by Mike Kulej for Forexpros. --- Visit Forexpros new Forex Brokers Directory ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 21, 2011 Share Posted June 21, 2011 ForexPros Daily Analysis June 21, 2011 Today: Free webinar on ForexPros - Mindful Trading: Conquering the Eight Roadblocks to Trading Success Expert: Rande Howell Start: Tue, Jun 21, 2011, 10:00 EDT End: Tue, Jun 21, 2011, 11:00 EDT Recognizing that 90% of trading is in your head and more than 90% of traders lose money, those who really want to master trading must focus on developing the psychological skills of Mindful Trading. After years of chasing the Holy Grail of Trading, they discover that it lives within them. And they must develop their state of mind to become consistent, disciplined, confident, courageous, and impartial traders - it is these qualities that leads to stress-free and consistent success in trading. Come to this free webinar to learn about the Eight Roadblocks to trading success and how to move beyond mediocrity and into Mindful Trading. Click here to join free --- Euro, Pound in measured Moves Long But Hitting Resistance Fibonacci Forex Trading Analysis Euro: On the daily, the euro is in measured moves long and is butting up against resistance at the the full traditional 50% short at 1.43842, with the line in the sand at 1.44575. Longs have not been broken yet so it is premature to go short. Continue to trade the trend until it breaks. On the 15 minute chart, the euro is still in long setups and its next long setup is at 1.4403. The daily pivot at 1.4259 may hold the euro in its longs. Pound: The pound is in measured moves long with its long targets coinciding with its traditional 50% short at 1.626. Once again, keep trading with the trend until it is broken. This is best seen on the 15 min chart. Yen: On the daily, the yen is butting against support at the bottom of the range. Previous lows at the 79.5-80 area may provide significant support. The target from the short is at 80.953 is 79.94. --- Forex Trading analysis written by Diana Rochford for Forexpros. --- Visit Forexpros new Forex Brokers Directory ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 22, 2011 Share Posted June 22, 2011 ForexPros Daily Analysis June 22, 2011 Today: Free webinar on ForexPros - Sharpening Your Edge Series: The Indicators Expert: Andrei Knight Start: Wed, Jun 22, 2011, 11:00 EST End: Wed, Jun 22, 2011, 12:00 EST Learn how to avoid "analysis paralysis" by knowing which indicators work best under which market conditions, as well how to spot the signs that those conditions may be changing. Turn "lagging" indicators into "leading" signals. Join leading fund manager and trading coach Andrei Knight for this insightful webinar which will present new ideas for your trading repertoire, and show you how to use familiar indicators in unique (and profitable!) ways. Mr Knight has has made frequent appearances at events such as the World Money Show, Traders Expo, IX Investor, the Energy Forum, and was the keynote speaker at 2009's International Traders' Conference. He is the author of "Trading Forex for a Living", coming soon from Harriman House, the "Institutional Trading Secrets Revealed!" DVD from Rockwell Trading. Click here to join free --- Is AUD/CAD Building a Top? The commodity currencies have stalled their recent rallies. For the most part, the respective central banks have been hesitant about raising interest rates, something that market participants wanted to see. In addition, the renewed European debt crisis decreased speculative money flow into these currencies. There is little movement in crosses of these currencies. For example, following an uptrend, the AUD/CAD has been in a 300 or so pips range for the last months. While the current action looks like a consolidation on daily charts, a possible top is emerging on a smaller time frame. On the intermediate term chart, we can see how the AUD/CAD rallied from 1.0303 to a new high of 1.0554. A sell off to 1.0287 was next, followed by another price run up. This time, however, there was no new high, only a 1.0422 level. At present, the price is back at the 1.0290 support. Based on the oversold Stochastic indicator, chances are that this level might hold for now. However, that will only make it even more important. Should the price eventually close under 1.0290, it would mean a confirmation of top for the AUD/CAD, projecting additional 150-200 sell off. --- Forex Trading analysis written by Mike Kulej for Forexpros. --- Visit Forexpros new Forex Brokers Directory ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 28, 2011 Share Posted June 28, 2011 ForexPros Daily Analysis June 28, 2011 Tomorrow: Free webinar on ForexPros - Jeff’s My Theory of Trading Expert: Jeff Quinto Start: Wed, Jun 29, 2011, 08:00 CST End: Wed, Jun 29, 2011, 09:00 CST In order to be successful trading over the long term, you need to have a Theory of Trading that defines how you believe the market operates and outlines how you are going to capitalize on the opportunities the market presents to you. In this exciting webinar, Jeff gives his theory to get you started in developing your own unique Theory of Trading. Click here to join free --- GBP/CAD Long-Term Direction Still Unclear The British Pound is typically a rather volatile currency. Most of its crosses have large daily ranges and easily identifiable trends. The GBP/CAD is not much different with one possible exception – its very long-term chart shows a tight consolidation. Of course, the “tight” distinction is only correct in the context of the weekly chart. Nonetheless, the GBP/CAD has been moving sideways for over a year now, in a clearly defined consolidation process. The price swings have been getting progressively smaller, which created a long pennant. Some could argue that this is a triangle, but given how long the current pattern has been under development, calling it a pennant is correct. As the price approaches its apex, we can expect a breakout, which will start a new trend in the GBP/CAD. Only, which way? Probabilities favor a resumption of the downtrend, but since it has already lasted for years, this outcome may be difficult to accept. Instead of predicting the eventual direction of the next major price move, it might be better to wait until the market indicates where it wants to go. For that, we can watch the most recent high and low, which are at 1.6145 and 1.5550 respectively. If the price closes outside of the pennant and either one of these two levels, the new trend may well be under way. That could send the GBP/CAD on a move several hundred, even thousands pips, especially if confirmed by a rise in the ADX indicator. --- Forex Trading analysis written by Mike Kulej for Forexpros. --- Visit Forexpros new Forex Brokers Directory ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 29, 2011 Share Posted June 29, 2011 ForexPros Daily Analysis June 29, 2011 Today: Free webinar on ForexPros - Jeff’s My Theory of Trading Expert: Jeff Quinto Start: Wed, Jun 29, 2011, 08:00 CST End: Wed, Jun 29, 2011, 09:00 CST In order to be successful trading over the long term, you need to have a Theory of Trading that defines how you believe the market operates and outlines how you are going to capitalize on the opportunities the market presents to you. In this exciting webinar, Jeff gives his theory to get you started in developing your own unique Theory of Trading. Click here to join free --- Possible Descending Channel in NZD/USD With the financial world focusing on Greece, it is of no surprise that the European currencies are among the most volatile now. The Euro responds sharply to every news release, while the Swiss Franc keeps making new all time highs against other majors, just as the Australian Dollar used to do only few weeks ago. Away from the headlines, the New Zealand Dollar has settled down into a trading range. This currency made an all time high against the US Dollar in early July, at 0.8303, but has pulled back since, dropping to 0.7971. That top, even if temporary, was nicely marked by divergences between the price and the technical indicators. For a while, this pullback in the NZD/USD gave an appearance of a flag, a continuation pattern, suggesting the resumption on the uptrend. However, by now, the price has formed a descending channel, which changes the sentiment from bullish to bearish, at least in the short term. So far, this channel has four contact points with the price, a minimum number needed to establish this pattern. If another one forms, this channel will become even more significant, and likely to guide the NZD/USD even lower. This formation does not provide objective of how low the price might get, but it is a valuable tool to help determine the market’s direction. --- Forex Trading analysis written by Mike Kulej for Forexpros. --- Visit Forexpros new Forex Brokers Directory ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
Guest forexpros Posted June 30, 2011 Share Posted June 30, 2011 ForexPros Daily Analysis June 30, 2011 Free webinar on ForexPros - Using Candlesticks to Trade Forex Expert: Marc Principato Start: Tue, Jul 5, 2011, 10:00 EDT End: Tue, Jul 5, 2011, 11:00 EDT Candlesticks provide valuable information about price action when used correctly. From gauging momentum to better defining entries and exits on any time-frame, candlestick analysis provides unique advantages not found in other types of charting. Also covered in this presentation are the candle patterns that we find most useful for the short-term strategies that we employ in the chatroom each day. Click here to join free --- Cable and Euro at major Resistance lines US dollar traded lower against the euro and pound in recent days, lost more value against the euro as Eur/Gbp seems to be in a powerful uptrend mode. Well, looking on a 4h charts below, pairs may reverse from their resistance lines, at least temporary. Eur/Usd: Eur/Usd extended its gains in recent sessions after the Greek Parliament approved austerity measures. Pair has moved towards the red resistance line connected from early May, where gains may slow down. Keep in mind that pair is still trapped in a triangle range, and until we see a break above 1.46 with daily close around those levels, uptrend cannot be confirmed. We may see even more choppy price action, if pair forms a reversal from red resistance line! In either case however, pair is bullish as long the market trades above 1.4090. Gbp/Usd: Cable reserved deeper than we anticipated but a reworked wave count still shows bearish possibilities. We are now looking fro a wave (iii) low at 1.5911 from where only temporary pull-back may be unfolding, and the reason is a neckline which will now tend to react as a resistance. A successful reversal from 1.6150, but after a completed three wave recovery within wave (iv), should send pair back into the lows. Meanwhile the upper base channel resistance line must hold! --- Forex Trading analysis written by Gregor Horvat for Forexpros. --- Visit Forexpros new Forex Brokers Directory ! --- Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Link to comment Share on other sites More sharing options...
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