The EUR/USD rejected dynamic support today in a strong uptrend. The candle did end bearish so there is still a chance of a deeper replacement, but given the fact the uptrend is strong here the highest probability scenario remains an upward continuation over the next few days.
Added by Lewis Barber on March 11, 2014 at 10:41pm — No Comments
This market dipped back towards support today as the uptrend took a bit of a breather. We remain bullish on this market whilst price is closing above 1.6600 and will look for price action buy signals on the daily / 4-hour timeframe over the next couple of days.
Despite the NFP announcement on Friday the GBP/USD has remained supported by the 8-day EMA. This market is still in an uptrend and so the most likely scenario next week is a resumption of the buying pressure and a retest of resistance at 1.6800. If the market closes above 1.6800 early next week this could open the flood gates to significantly higher prices in this market.…Continue
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What ProAct Forex Target Traders See: We are currently sitting @ 1.3867 looking to finish a 3rd wave to the top. A couple of different scenarios: 1: a bounce on the former pennant line and a move to the 1. 270 Fibo @ 1.4004 area) 2: An a-b-c correction to the trend line @ 1.3780 area would set up a nice wave to the same target . The average daily true range (ATR) for the pair currently is 72 pips.
Added by Scott Barkley on March 8, 2014 at 1:00pm — No Comments
The Crude Oil market produced a bullish price action false-break of key support today. From here we would not be surprised to see this market move higher and there will be high volatility tomorrow with the NFP announcement due out of the US.
Added by Lewis Barber on March 6, 2014 at 10:23pm — No Comments
The pound-dollar pushed higher today as the market rejected dynamic support and now looks poised to make another run higher as the uptrend regains momentum. With the NFP news announcement on Friday we expect to see a lot of volatility on this pair into the end of this week - the most likely scenario remains an upside advance.…Continue
This market consolidated today below key resistance at 1.3800 and dropped a bearish pin bar in the process. The most logical stop placement on this market would be above Friday's bullish bar for anybody looking to short. Given the amount of time this market has spent trying to move above 1.3800 and failed I would not be surprised to see a rotation lower from here.…Continue
Added by Lewis Barber on March 4, 2014 at 9:00pm — No Comments
This currency pair dipped back to dynamic support as the markets sold-off aggressively relating to concerns of political unrest in Ukraine. We remain bullish on this market whilst price closes above 1.6600 and would recommend looking for price action buy signals on any dip back to dynamic support to join the recent strength here.…Continue
Added by Lewis Barber on March 3, 2014 at 9:57pm — No Comments
What ProAct Forex Target Traders See: We are currently sitting @ 1.3823 looking to finish a 5th wave to the top. The pair has been ranging but is now underway but with little left to the top. We are looking for a correction and then more ranging after that. The average daily true range (ATR) for the pair has dropped drastically and is currently is only 72 pips.…Continue
Added by Scott Barkley on March 1, 2014 at 3:41pm — No Comments
This market has continued to slow below key resistance over the last week or so. The last 3 days of trading have seen this market form a lower high and now we see potential for a rotation lower after a small push higher as depicted by the arrows on the chart below.
Added by Lewis Barber on February 26, 2014 at 11:06pm — No Comments
This pair produced a false break of key support at 1.6600 today as predicted in our market commentary yesterday. From here we see a high probability that this market will push higher as the uptrend resumes. There is even room for 1:3 risk / reward before price runs into 1.6800 if a buy-limit order is placed around the 50% retracement of the pin bar that formed today (for educational purposes only).…Continue
Added by Lewis Barber on February 24, 2014 at 10:57pm — No Comments
Price is currently sitting right above key support at 1.6600 and we will be watching out for a bullish price action false-break early next week. If price closes below 1.6600 early next week we could see a move back to 1.6300 - either scenario seems equally likely right…Continue
Added by Lewis Barber on February 23, 2014 at 10:28pm — No Comments
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
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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
Price stalled today above dynamic support as it showed a little rejection of the 8-day EMA. We would have liked to see a more obvious price action signal occur from here before buying but equally we would not be surprised to see price push higher from here into the end of this week as the uptrend regains momentum. The alternative scenario would be a deeper retracement back down to 1.6600, something we need to be acutely aware of as this…Continue
Added by Lewis Barber on February 19, 2014 at 11:32pm — No Comments
The GBP/USD dipped back further again today towards the 8-day EMA. There is quite a lot of confluence coming in below and the trend is definitely still up so we favor looking for long positions here. Traders can look out for price action buy signals on the daily / 4-hour timeframe tomorrow to rejoin the bullish momentum in this market. There is big news out of the UK tomorrow morning so we expect to see movement on this pair…Continue
Added by Lewis Barber on February 18, 2014 at 11:05pm — No Comments
The correction we discussed in our weekly commentary has begun in this market now. We are waiting for price to move back to the EMAs before looking for price action buy signals on the daily / 4-hour timeframe to trade inline with the dominant uptrend.
This market is currently rejecting dynamic support depicted by the EMAs and is well positioned above key support at 91.00. From here we see potential for this market to push higher possibly back up to retest key resistance at 94.00.
Added by Lewis Barber on February 16, 2014 at 9:06pm — No Comments
What Forex Target Traders See: We are currently sitting @ 1.3699 in a day chart uptrend. The pair is ranging in a symmetrical triangle so until we get that break not much to do. We are looking AFTER THE BREAK, for a move initially to the double top @ 1.3894 and a target above (1.270 (-1.270) Fibo that is @ 1.4056. The average daily true range (ATR) for the pair has dropped and is currently is 82 pips.…Continue
Added by Scott Barkley on February 14, 2014 at 10:49pm — No Comments