Scott Barkley's Blog – July 2011 Archive (23)

What ProAct Traders sees in the Forex starting the week of July 31st,2011 –

$EURUSD

WHAT ProAct Traders SEE: We are currently sitting @ 1.4365 just below the Day chart trendline and the .786 Fibo. A clear head and shoulders has formed with a set of twins and all of that is bearish for the cross from a technical standpoint. 2 scenarios: A bounce to the upside targets the double top @ 1.4537. If the cross respects the .786 and the trend line look for a break of the neckline and a move back to the S5 @ 1.4162. The average daily trading range for the cross…

Continue

Added by Scott Barkley on July 30, 2011 at 4:42pm — No Comments

$USDCHF-continues

Currently @0.7955 and breaking out of the rectangle pattern. The cross has moved though  the 1.270 fibo and is poised to hit the S5 target @ 0.7916  Not looking for any bounce until the 0.7900.

Added by Scott Barkley on July 29, 2011 at 1:07pm — No Comments

$EURUSD – breaks out

Currently @1.4285  and cleanly out of the uptrend now.   The cross  moved to the .500 fibo  and is poised to break to the S5 @ 1.4151 with a stall at  the .618 fibo @ 1.4216.  Not looking for any bounce until the double bottom but if it does a return to the  S2 @ 1.4442 would complete a head and shoulders  there.…

Continue

Added by Scott Barkley on July 28, 2011 at 1:26pm — No Comments

$EURJPY – breaking down?

Currently @112.41  and looking very bearish.   The cross  failed to take out the top @113.51 and has pulled back and barely peeking out of the bottom trend line.  Key support to break is the S3 @ 112.12.  A break of that and look for 111.23 as the target (S4).…

Continue

Added by Scott Barkley on July 27, 2011 at 12:55pm — No Comments

$EURUSD – up and away?

Currently @1.4484  and looking very bullish.   The cross  took out  the top trendline and the R6 target @ 1.4446 and shows little signs of stopping.  Watch the even # @ 1.4500 and then the next target is the 1.270 fib extension@ 1.4582.  A breakdown and we are looking for a move back to 1.4390. …

Continue

Added by Scott Barkley on July 26, 2011 at 1:24pm — No Comments

$USDCHF – bears?

Currently @0.8046  and looking very bearish.   The cross  took out  the S4 target and shows little signs of stopping.  Watch the even # @ 0.8000 and then the next target is the 1.270 fib extension@ 0.7966.  A bounce now and we are looking for a move back to 0.8149. …

Continue

Added by Scott Barkley on July 25, 2011 at 1:05pm — No Comments

What ProAct Traders sees in the Forex starting the week of July 24th,2011 –

$EURUSD

WHAT ProAct Traders SEE: We are currently sitting @ 1.4368 just below the .786 fibo and at the day chart trendline. All of that is bearish for the cross from a technical standpoint. The fundamental side and the reaction to the EU economic summit may play a big part this week. A break out to the upside targets the double top @ 1.4589. If the cross respects the .786 and the trend line look for a move back to the S5 @ 1.4062 . The average daily trading range for the cross currently…

Continue

Added by Scott Barkley on July 23, 2011 at 4:48pm — No Comments

$USDCAD

Currently @0.9430 as  mini.crude oil keeps rising putting pressure on the cross.  The cross  took out  the 1.270  Fibo @0.9453.  There is a great target at the S5 @ 0.9402. Look for a continuation through to the 0.9360 area.  A break  up  targets a move back to 0.9504 area.…

Continue

Added by Scott Barkley on July 21, 2011 at 12:53pm — No Comments

$AUDUSD-continuation

Currently @1.0749.  The cross  took out our 55 pip Target from yesterday  and the 1.270  Fibo.  Great target at the R4 @ 1.0793. Look for a continuation through the resistance at  the 1.0759 area.  A break  down targets a move back to R3  @ 1.0704 area.…

Continue

Added by Scott Barkley on July 20, 2011 at 1:10pm — 2 Comments

$EURUSD-more?

Currently @1.4174.  The cross  took out our R3 Target and the .618 Fibo.  We have a small rectangle  on the 60 minute chart which is biasing traders.  Great target at the R4 @ 1.4247. Look for a continuation through the .786 fibo  to the 1.4226-47 area.  A break  down targets a move back to R2  @ 1.4103area. …

Continue

Added by Scott Barkley on July 19, 2011 at 1:23pm — No Comments

$EURJPY

Currently @ 111.17.  The cross is slowly building a bear flag.  Looking for the “c” leg to the north possibly up to the .500 fibo @ 113.68 ( will take several days to accomplish).  A move back to the .382 fibo @ 112.71 is possible today.  A failure to build that would cause a breakout down and we will look for the 109.59 double bottom if it does that.…

Continue

Added by Scott Barkley on July 18, 2011 at 1:09pm — No Comments

What ProAct Traders sees in the Forex starting the week of July 17th, 2011 –

 

Note;  USA citizens can no longer trade XAG/XAU with leverage in USA broker accounts.

$EURUSD

WHAT ProAct Traders SEE:  Currently @1 .4172.  The cross  is testing  the upper trend wall for a break  to the upside.  Should that be successful look for 1.4447 as the upper target (R6).  A break to the downside after the .618 fibo is broken –look for the double bottom at 1.3837.  The average daily range is currently 189 pips.…

Continue

Added by Scott Barkley on July 16, 2011 at 3:13pm — No Comments

$AUDUSD-bull flag

Currently @1.0662.  The cross  took out our S3 Target and the .618 Fibo and has pulled back to the heart line.  Great target at the S4 @ 1.0586 IF it can break the 1.0600. Look for a bounce there due to the Day trend wall and the current channel create a lot of confluence in that 1.0586 area. A break up targets a move back to S2  @ 1.0696 area.…

Continue

Added by Scott Barkley on July 15, 2011 at 1:09pm — No Comments

$GBPUSD-bull flag

Currently @1.6125.  The cross  took out our .786 fibo target and has pulled back forming a bull flag.  Great targets above the 1.270 Fibo @ 1.6306 and the R6 @ the 1.6390 area).  Needs to break the top @ 1.6155 and the established down trend wall @ around 1.6275 first though.   A breakdown here targets a move back to .382 fibo @ 1.6047 area. …

Continue

Added by Scott Barkley on July 14, 2011 at 1:42pm — No Comments

$EURUSD-bounce

Currently @1.4065.  The cross  took out our .500 fibo target during the night and now has pulled back.  Great targets above the .500 Fibo (.618 fibo @ 1.4169 and the R5 @ the 1.4215 area).  Needs to bounce at the 1.4042 to do that.  A breakdown here targets a move back to R3 @ 1.3986 area. …

Continue

Added by Scott Barkley on July 13, 2011 at 1:16pm — No Comments

$AUDUSD-bounce

Currently @1.0618.  The cross  took out our target during the night and now has bounced with a definitive set of twin candles.  There is a lot of congestion just ahead @ the 1.0650 area but breaking that to the upside should prove to be easy going back to the now triple top and the R5  @ 1.0774 area. …

Continue

Added by Scott Barkley on July 12, 2011 at 1:03pm — No Comments

$EURUSD-breaks down

Currently @1.4042.  The cross  has broken  the trend line and the S5 and continued to the current support.  Should see some faltering here before moving down to the S6 @ 1.3977.   There is another support  area @ 1.3822 if we break the S6.

Added by Scott Barkley on July 11, 2011 at 12:59pm — No Comments

What ProAct Traders sees in the Forex starting the week of July 10th, 2011 –

$EURUSD

WHAT ProAct Traders SEE:  Currently @1 .4260.  The cross  is 100 pips from the trend wall for a bounce back to the upside.  We did bounce on the .786 and the S5 but a break of this to the downside will confirm the move to the bottom.    We are bearish to the trend wall.  The average daily range is currently 137 pips.

 …

Continue

Added by Scott Barkley on July 9, 2011 at 4:01pm — No Comments

$AUDUSD-bounces back

Currently @1.0743.  The cross  has broken  the R2 target @ 1.0744  We have a small bull flag forming which is bullish for the cross and are looking for more upside today to the R3 resistance @ 1.0799.   There is another resistance  area @ 1.0782 which may stall  the upside.…

Continue

Added by Scott Barkley on July 7, 2011 at 1:17pm — No Comments

$EURUSD-Stalling?

Currently @1.4325.  The cross  has broken  the S3 and reached our target from yesterday @ the S4 (1.4323).  We are looking for more downside today to the support  @ 1.4248.  Cross should stall first and will see what the ISM manufacturing fundie does for it.  There is an un-squared area @ 1.4400 which may act as a magnet to the upside should it break to the North.…

Continue

Added by Scott Barkley on July 6, 2011 at 1:18pm — No Comments

Members

© 2019   Created by FXStreet.   Powered by

Badges  |  Report an Issue  |  Terms of Service