Hello everyone , in this blog , I'll be releasing a weekly report for major currencies (EUR/USD, GBP/USD, USD/CHF & USD/JPY), any important changes happen or good signals appeare , they will be updated immediately during the week ?!!
Note: Chart Time is GMT
GBP/USD update : Wednesday 09 Mar 2011
(Possible long today )
From the the 4 hour chart posted above , it's obvious that the pair is trading around the lower edge of the upward channel, momentum indicators are strongly over-sold , CCI has already breached above - 100 , Bollinger band shows high possibility for reverse today , EMA(20) & EMA(50) made negative cross ,Macd histogram shows hidden bullish divergence !!!!
The point is the pair now is going to test 1.6208 , a breach above this level will attack 1.6345 , if the pair fails to breach above it , we may witness strong bearish movement today or the next 48 hours?!!
Recommendations : buy the pair with an hourly closing above 1.6210 , take profit 1.6345 & stop loss 1.6130
Wednesday 09 Mar 2011 09:40 AM GMT
USD/CHF Weekly Report ( 07 Mar - 11 Mar 2011 )
During the last week , the SMA(50) and (20) kept pressuring negatively on the pair , so far the pair found strong support around 0.9200, a breach below this level will attack 0.9100 and the psychological level 0.9000
CCI and Bollinger band show that we may witness some strong correction during the week ?!!
Trend Direction is Downward , the trend will remain valid as long as stability is below 0.9360 , a daily breach above this level will test 0.9500 and late the bearish wave ?!!!
Support 0.9260 0.9200 0.9150 0.9100 0.9070
Resistance 0.9330 0.9360 0.9430 0.9525 0.9575
Recommendations: Sell the pair with a four hour closing below 0.9200 take profit 0.9000 and stop loss 0.9300
Sunday 06 Mar 2011 14:00 GMT
The pair is trading now around 0.9320 , if you wanna short here - on your own risk - make your target around 0.9200 and stop loss with a four hour closing above 0.9360..
Tuesday 08 Mar 2011 07:11 AM GMT
USD/JPY Weekly Report ( 07 Mar - 11 Mar 2011 )
During the last week , the pair moved above 20 SMA , 50 SMA on daily chart , but it couldn't hold too much above them, so it came back quickly and closed below them , also RSI still trading below 50 line , CCI below zero line but above - 100 line , Macd below zero line but the histogram keeps going up?!!
And the most important , the pair starts forming downward channel on daily ?!!
If you shift down to 4 hour chart , we have a positive cross EMA(20) , EMA(50) also the pair is trading now above them ?!!
All these conflicts lead to one thing ?!! we have high opportunity for bearish movement this week but , we may witness some randomization in pair movement during the week , so the safety is to trade only with a breach below the low of the previous week ?!!!
Trend Direction is Downward , technical targets are around 80.25 , 79.50 , the trend will remain valid as long as stability is below 82.35 , a daily breach above this level will weak and late the bearish trend and may attack 83.00 and 84.00
Support 82.15 81.60 80.80 80.35 79.50
Resistance 82.95 83.15 83.70 84.25 85.00
Recommendations : Sell the pair with a four hour closing below 81.55 , take profit 79.50 and stop loss with a four hour closing above 82.35
Monday 07 Mar 2011 08:00 AM GMT
Intra-day signals USD/JPY
Sell USD/JPY at 82.20 S/L 82.50 T/P 81.70
Monday 07 Mar 2011 14:57 GMT
Sell EUR/USD at 1.3940 S/L 50 pips T/P 40 pips
Thursday 10 Mar 2011 10:30 AM GMT
Intra-day Signals :
Sell GBP/USD at 1.6180 S/L 50 pips T/P 40 pips
Thursday 10 Mar 2011 10:52 AM GMT
I'm using Buru (EA based on technical analysis, works well with IBFX) and it does the chart-reading job for me.
I can publish the trends Buru is taking weekly.
Here you have their statement (buy/sell): http://www.forexstreet.net/forum/topics/scalping-1