Target Trading in the Forex upcoming week of Aug 19,2012
We finished last week with 493 Pips - not bad for August
$EURUSD
What Forex Target Traders See: We are currently sitting @ 1.2234 and stuck in a wedge. We are bearish below 1.2290 but won’t rule out the up move on a wedge break out to 1.2446 @ 1.2446. The targets down are the S4 support @ 1.2231 and then the 1.2069 area. The average daily true range (ATR) for the pair currently is 95 pips.
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$USDJPY
What Forex Target Traders See: We are currently @ 79.55 in a rising wedge. We will look for an initial move BACK to the .500 Fibo @ 79.00. If no bounce there target the 0.618 fibo @ 78.90 for a bounce back to the R3 @ 79.60. The average daily true range (ATR) for the pair currently is 44 pips.
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$GBPUSD
What Forex Target Traders See: Cable is currently @ 1.5683 and a real mess. We are still inside a large range with a slight uptrend so we could still get a move to the R5 @ 1.5774 area. A failure to break 12.5750 would indicate a corrective move back to the 0.500 area @ 1.5588- look for a bounce there. The average daily true range (ATR) for the pair currently is 76 pips.
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$AUDUSD – A great smooth currency for Newbie’s!
What Forex Target Traders See: We are currently @ 1.0423. The breach of the support @ 1.0447 indicates a trend reversal (although a bounce is still in play). Breaking the Day chart trendline @ 1.0381 ( also the S4) would confirm a continuation to the S5 @ 1.0237. Keep the bounce in play at all times. The average daily true range (ATR) for the pair currently is 73 pips.
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IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by ProAct Traders, LLC., www.proacttraders.com Forex Target Trading www.forextargettrading.com and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. We monitor multiple indicators as well as established chart analysis in our Forex trading software.
There is No “Holy Grail” in Forex trading systems. Do not use our research or any other trading system without proper research on the asset.
This is an opinion ONLY - and not a trade call, but a study that may lead you to a trade. I do not know whether this will transpire or not so use your own judgment.
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Comment by Peter jcp on August 19, 2012 at 11:15am -
Hi Scott - Firstly - well done with your 493 pips - I thought this last week had been fairly tough trading - as low volumes and no real direction etc. I remember before when you shared some of your figures you had some excellent results along with good consistency. Keep it up ;-)
A quick question with your ATR figures. Do you work them out weekly or monthly and do you base your daily opens and closes on NY or London times?
Also on your EU comments you say "we are bullish below 2290" ? is that purely down to 2231 - or did you mean you are bearish below 2290?
Have another great week
Regards
Peter
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Comment by Scott Barkley on August 19, 2012 at 12:06pm -
sorry my fault that would be a correction and we are actually bearish BELOW 2290. I use a 14 day ATR sine I thing it more accurately depicts the immediate market - 7 days is too short and longer periods don't reflect what it is doing RIGHT NOW! Thank for the comments
Comment
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