thanx to downside pressure the channel was broken downside showing strong move to come. For now the cannel border should provide resistance. If we get back into channel, its not a good sign.
Very nice move on swissy (now 13190) - maybe I get to reenter yesterday short at even better price. Now lets see where is it going to...I am watching the channel area - if it gets back into in, we may get higher correction (look at yesterday's chart for the channel). Euro (n.11687) is still in chanel, so it may take some time for ruto to advance higher. Maybe we go to lower border of the chanel before/if the move resumes. For now - I am waiting.' Aussie bounced back as well (n.6820)...
Here are the level - I think if we go through 1.3280 area and close there well, we may get 1.34 easy. On the downside its only 1.3120/30 as I mentioned earlier. Dont know why, but I have close eye on this pair...is it for good or bad? well, we'll see that togather
Hello everyone. Here's my strategy (more or less) for today. I am looking at: audusd usdchf usdjpy gbpusd eurusd as still good trades against USD. But now I think its better to wait for correction - at least a little in order to enter. I will choose maximum 3 of those listed above, and will decide later which once(s). When/if the correction starts, I will watch it to decide whether it is worth entering or not. Its Friday, so I hope to get good entries thanks to positions closings in the end of the week. Good Trading, Rezo
Ok, we did get a little push back. When I posted the last one, swissy was at 1.3165, now its 1.3205...If we look at the last chart, I think we are testing 1.3210 now. If we go through it, we get to /3250, followed by /80...as I said, if we go through /80, we may see 13400 (well, actually some resistance may be met @3350 first), and we may get even to mid 1.34s, as in that case we are back into channel...for now, even if it gets back into channel, I will be considering to sell (inside the channel), because next break to follow may be for good and towards 1.28s at least. Actually it is already getting back into channel, but there are 2 lines as you may see.
well, here we go - the seloff on euro and swissy, Euro @1.1630 (70 pips down in 10 minutes). If we look into euro channel, I think we are going to 1.16 area for now; lets see how it goes afterwards. Same on swissy - now @1.3260, and inside the channel. But swissy has much more room inside the channel - upto +1.34...lets see where is this going.
Euro is going down, but if we look at the picture, 1.1570-1.16 area may be a good place to take long positions. We already saw how the price bounced off those levels, and I think its not a bad possibility for trading. I will be looking close at those levels and if confirmed technically and entry signal appears somewhere near that area, I will be taking long for possible upper border of the channel: 1.1850 -> +1.19. Will determine exactly later before entering. Depends on what the stop width will be. At the moment its 60-100 pips. Very wide possibility. Exact level will be determined before/if entering, and depends on entry price and volatility till then.
Ok, lets take a look at euro once again: Well, it is about to break downside, and if it happens, we may target 1.1365 at least - maybe 1.13. For now this conclusion is made purely on the cannel pattern. I don't see this scenario becoming reality yet. However, if there will be no bounce back upside on Monday-Tuesday, I will probably be shorting (lets see the week closing first). Will see. I am watching the market for now, and may still take long if there will be a signal. If the buy signal arrives above 1.1585-95, I will pass the trade, because stop will be very wide. Another one on watch is cable. May take long here as well. Correction is little overdone due to end of the week position closings. Nothing to be surprised about. Even the break of channel may be taken skeptically because of Friday. On Friday we don't see what market wants for next week, but rather what it did current week...well, mostly on Fridays this is the case, and no matter what, Friday is always different from regular mid week day...