The best, well established Daily trends for the beginning of 2013 are the BULLish JPY pairs.
If you haven’t participated in these massive rallies, ...
you’re probably looking for the *SELL high* opportunity.
Friday closed indecisively (BULLish Spinning-Top) ...
which could probably be attributed to some profit taking :
BULLish indecision intraday (?) :
This pair has followed a similar path, however price has bypassed / is *in* the Upper Parallel ...
*old* SUPPORT / *new* RESISTANCE *zone* :
still BULLish on the Daily :
sideways to BULLish intraday (BULLish reversal candle pattern circled) ...
above a potential RESISTANCE *zone* :
Moving-on to the most popular pair …
Earlier in the Week the pair was BEARish : EUR/USD ...
but turned in a massive move midweek off the SUPPORT *zone* :
The Daily has crossed BULLish :
same scenario on the other EUR pairs that I trade …
Next ~ the pairs from the land(s)-down-under …
Both the AUD/USD & the NZD/USD have crossed BULLish on the Daily ...
but sold off nicely intraday *near* the Daily MedianLines.
To reiterate Romano’s comments, SUPPORT / RESISTANCE ...
whether they be horizontal or diagonal are to be viewed as *zones* and not exact prices.
MedianLine meets horizontal RESISTANCE *zone* (for my FoRkiNg FrIEnDs) :
Intraday, it all lined-up *spectacularly*.
Also, a nice example of why Mental STOPs can be more effective than Hard STOPs.
Somebody(s) out there wanted to take me out of this trade ! :
Last but not least …
The Daily had crossed BEARish, but was followed up with a week of sideways action ...
and finished this past week with BULLs buying-up in a horizontal SUPPORT *zone* :
I almost forgot the GBP/USD ~ the choppiest pair around.
The Daily crossed BEARish, but price revisited the cross for another SELL-off :
again with the whipsawing / STOP hunting :
This was an interesting exercise to go over the 9 pairs that I’m currently trading ...
and trying to give a glimpse at what I look at and how I’m trading.
Price-action is *King* ...
I am using the EMAs for entry confirmation and trade management on trending moves ...
both Daily and intraday.
My main rules are, be nimble and follow the trend.
Good Trading next week,
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