What ProAct Forex Target Traders See: We are currently sitting @ 1.3743 looking to finish a 5th wave to the top. The pair has been ranging and it looks like a head and Shoulders pattern, but we believe it is just coincidental. We are looking for a move to the Day chart top @ 1.3845 and then the correction. The average daily true range (ATR) for the pair has dropped drastically and is currently is only 68 pips.…Continue
Added by Scott Barkley on February 22, 2014 at 4:30pm — No Comments
USDCHF: Weakens, Extends Bearishness.
USDCHF: With a third-week of decline as occurring the past week, further weakness is likely towards the 0.8798 level, its Dec 27 2013 low. Further down, support lies at the 0.8750 level with a cut through here paving the way for a run at the 0.8700 level, its big psycho level. Below here if seen will set the stage for more weakness towards the 0.8650 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, to resume…Continue
Added by fxtech on February 22, 2014 at 12:14pm — No Comments
Nothings moves in straight line; same is on USDCAD where pair now seems to be turning down slightly as pair finds resistance after recent 280 pip rally from 1.0907. We see move down as corrective set-back that may stop at 1.1030-1.0190 region. That's the area where trades may look to join the trend, but after an a)-b)-c) formation that is needed for a completed correction.
USDCAD 1h Elliott Wave Analysis…
Added by Gregor Horvat on February 21, 2014 at 1:51pm — No Comments
Currently we are at 0.8963 attempting a break of the support. If we do break, we are looking for a bearish continuation to the 0.500 Fibo area @ 0.8896-0.8914. The average daily true range (ATR) for the pair currently is 84 pips.…Continue
Added by Scott Barkley on February 21, 2014 at 1:45pm — No Comments
We’ve been busy preparing the March meetups and they are finally ready and the registration is now open!
One more time, on the first week of the month traders from 6 different cities will meet to talk about Forex and Trading, and why not to say it too, for a drink.
As guest speakers, we will have Nicole Elliot in London, Dan Blystone in Barcelona,…Continue
Added by Francesc Riverola on February 21, 2014 at 1:00pm — No Comments
It's a jungle out there, and you're on safari. Every trader is an animal, but they're hiding their true nature. How do you know who's what?
If a shark stops moving it dies. Sharks never sleep. If you punch them on the nose they go away. Some of these things apply to Forex traders.
Allow me guys to congratulate Vladimir Mihaylov for the prize
Vladimir, it is an honor and a pleasure to have you with us here at Forexstreet.net and I am personally could not be happier when I knew that you have been selected the Most Valuable Network member in our this year's Forex Best Awards 2014.
Congratulations my friend!
The risk-on is back in play it seems after yesterday's reversal up on US stocks, back to weekly highs. With risk-on, short JPY is the best trade. On the chart below I am looking at the USDJPY running triangle. That's a five wave pattern between contracting trend-lines. In ideal scenario wave E will complete the path at the lower side of a range, but I have seen many examples when wave e) was very small and fast, so I would not be surprised if triangle would show signs of completion maybe…Continue
Added by Gregor Horvat on February 21, 2014 at 10:31am — No Comments
The euro continues to trade at high levels, asEUR/USD remains above the 1.37 on Friday, The euro managed to shrug off weak data out of the Eurozone on Thursday, as PMIs did not impress and inflation indicators posted declines. In the US, Unemployment Claims and Core CPI met expectations, but the Philly Fed Manufacturing Index slumped to a nine-month low. Friday is quiet on the release front, with the markets keeping a…Continue
Added by Yohay Elam on February 21, 2014 at 9:40am — No Comments
The XAUUSD maintained a bullish momentum yesterday , printed support at the 1307 levels . This development leaves the pair targeting the 1332 levels where a breach is very likely , If seen the pair will extend gains to the 1339 levels , a breach will open the 1.347 levels , further out will aim the 1360 levels.
On the downside , main support comes at the 1307 levels , losing this level on a daily closing basis will confirm topping at 1332 levels, If seen , It will decline towards the…Continue
Added by Haitham653 on February 21, 2014 at 8:45am — No Comments
The EURUSD maintained a bearish momentum yesterday , topped at the 1.3762 levels , and bottomed at the 13684 levels . Now pressure will be on the key support 1.3684.
The EURUSD will have to hold below the 1.3684 levels on a daily closing basis to push the market for further downside losses, If seen ,It will target the 1.3650 levels where a breach will turn focus on the 1.3620 levels , further out will aim the 1.3585 levels.
On the upside , a failure to hold below the 1.3684…Continue
Added by Haitham653 on February 21, 2014 at 8:44am — No Comments
Added by Naveed Anjum on February 21, 2014 at 7:58am — No Comments
EUR/USD: Sell below 1.3733, TP 1.3673/50, SL 1.3748, break out buy 1.3755
GBP/USD: Sell Below 1.6665,TP1.6605/1.6583,SL1.6695,BOB1.6700
GOLD: Sell Below 1320,TP 1311/1307,SL1325,BOB1326
CL: Sell below 103,TP102.43/25,SL103.15,BOB 103.20
1st scenario Sell below 102.54,TP102.23,SL102.75,BOB 102.80
2nd Scenario: Buy above 101.85, TP 102.65, SL 101.50, BOS…Continue
Added by Usman Ali on February 21, 2014 at 6:25am — No Comments
EUR has dropped from 1.3760 to 1.3685 following the worse economic data, but later through the american session it succeeded to return some of the losses and currently is back above 1.3700 close to the resistance area 1.3720-30. To continue to the upside we need a clear break of 1.3750, but today we have no important data for the eurozone nor for Germany, so we have to rely again on the bad numbers from the USA to make gains. Of course there is a great possibility for the existing home sales…Continue
Added by Muthusamy on February 21, 2014 at 3:26am — No Comments
The AUD/JPY dropped a bullish pin bar from key support today as price pushed down almost 100 pips before closing the day slightly up. From here we see potential for a pop higher and there is just about enough room for 1:2 risk / reward if this trade is entered after a small retracement.
Added by Lewis Barber on February 20, 2014 at 11:24pm — No Comments
GBPJPY: Vulnerable But Retains Its Broader Long Term Uptrend Bias
GBPJPY – The cross remains biased to the upside in the medium and long terms but now faces corrective downside. In order for it to resume its uptrend, it will have to break above the 171.15/87 levels. A breach could force further upside towards the 172.50 level. Further out, resistance resides at the 173.64 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the…Continue
Added by fxtech on February 20, 2014 at 7:36pm — No Comments
EURUSD 5 Min:
Price spikes up then pulls back in two waves Low 1 High 1 Low 2 with Low 2 being slightly lower than the Low 1 and hitting the 20 MA (Green). Entry for the High 2 was 1 pip above the Low 2 candle which also hit a measured move of the preceding doji (bold…Continue
Added by Constantine on February 20, 2014 at 3:30pm — No Comments