EURUSD - W1 Trade Setup - 21 Dec 2012

As shown on the weekly chart above , strong bullish pattern has been already completed after breaching above 1.3171 last week, a weekly close above 1.3171 will accelerate the bullish move to 1.3500 levels, a weekly close below 1.3171 would only delay the bullish move, the first support comes at 1.3171, 16 Sept 2012 high, the second support at the open of the same week at 1.3113 , the next one at the close at 1.2966, then the low of the same week at 1.2918, the last 2 support levels at the next candle of the week 23 Sept 2012 , at the high 1.2978 then at the low at 1.2802..

Now let's calculate our targets,the first target would be the length of the first bearish candle of the week 16 Sept 2012 which is 205 pips, add that to the breakout level 1.3171+205 = 1.3376, this is the first target, the second is the length of  the both bearish candles of the week 16 of Sept and 23 of Sept 2012,  the length of the second candle is 176 pips , add that to the first target  it would be 1.3376+ 176 =  1.3552, so our targets are 1.3376 and 1.3552, as long as 1.2802 holds, any breach below 1.2802 even with few pips it would completely terminate this view , a weekly close  below 1.3171 would only delay the bullish move,but any move below 1.3171 will be contained well by any of the support levels mentioned above.

By the way we have same pattern on the daily after breaching above 1.3126 last week, we also have the same pattern on the 4 hour chart, but we need a breach above 1.3308 to activate it and reach the weekly target...

According to the 4 hour chart , H4 close above 1.3269 is indeed to surpass 1.3308, otherwise ; this level will keep the pair under pressure !!

LONG EURUSD above 1.2966 with 1.3376 & 1.3552 as next targets , stop at 1.2800

Best Regards

Haitham

Views: 514

Tags: EUR/USD, EURUSD

Comment by Jose on December 21, 2012 at 4:58pm

Thanx for everything!

Happy Holidays Maistro!

Comment by Haitham653 on December 21, 2012 at 6:20pm

Thanx Jose..

Happy Holidays ...

By the way , at the weekly chart posted above I only used (candlesticks + fractals) techniques..

Comment by Angely on December 21, 2012 at 9:30pm

Merry Christmas Haitham and all the happiness you could wish for.

Comment by Haitham653 on December 22, 2012 at 8:36am

Merry Christmas Angely , with best wishes..

Comment by Haitham653 on December 22, 2012 at 6:23pm

Merry Christmas 1forex.vn ..

Unfortunately I don't have any view on Gold using the exact strategy posted above , because it depends in the first place on fractals situation on the chart , and I don't have any valid setups on daily, weekly or monthly !!! BUT

But there I have a different view on weekly chart for gold , only based on fractals and trend lines, It's not like the posted above but it's awesome ,I'm sure you'll like it ,  I;m gonna post it tonight or tomorrow...

Thank you...

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