Learn to Trend - page 10
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CHF and YEN
Hi,
Last week we have two closing wedge breakout, turning into the bear side of the market.
CHF: The weekly chart of CHF shows that the market is not able to hold the weak US dollar anymore and go further down. However, looking at the RSI of the weekly and daily chart the signal had cross the 30 level, this may imply that some retracement could occurs before making further down.
YEN: The weekly and daily chart also shows the breakout of the closing wedge patterns, the only different is that the weekly RSI had not yet cross the 30 level.
For GBP and EUR the trend continue to be strong with no sign of retracement.
Good Trading for the coming week.
Weekly Update
Hi,
EUR - The market still continue to go up! Though the RSI is overbought on the weekly chart the market remain strong on the upside. There is a doji on the daily chart as shown so trader might need to take note on that or wait for clearer setup before trading this pair!
GBP - Based on the daily chart the GBP had fallen to fib 50% and then retrace back. On Friday the price ended with a doji. The daily RSI is around 50, but there is no clear sign for me in this case.
CHF - The market continue to fall from the closing wedge, the RSI for weekly and daily chart is over sold. One things need to take note is the doji on the daily chart on Friday as shown.
AUD - As speculated, this pair continue to fall, there is still no sign of retracement yet, the fib still did not reach 50%. The RSI is around 53 on the weekly chart as shown.
CAD - Similar to AUD, this pair continue to rise. the fib had reached 50% but the RSI is remain at 39. One important things to note is that the weekly chart had a large gap, I am not sure how are other charts from other broker look like. However, if this is true then the market seem to be very bullish to me. But I would like to see if fib 50 and 61.8% can be crossed!
Hi,yyc196!
For successful and stable earning funds at the at the forex market, a trader needs to define sections of the fault free opening and closing of deals. It is well known that it is trend, which is the main and the most optimal section.
This is why meaning of the question on definition of trend shall be PRIMARY for a forex trader.
Do you agree with me?
Which are your criteria for defining a trend?
GBP - The market last week made a up move in the beginning but when it touches the 61.8% is turned down on Thurday and Friday. However, it is very difficult to clnclude that downtrend is coming because the weekly chart still shows a strong uptrend market.
CHF - Based on the daily chart as shown, the retracement may still go on to fib 50 or 61.8%. the market is facing a strong resistance at 1.1395.
AUD - This market falls within the rnage of 23.6 and 38.2%. Unless a clear price penetration be shown on either side of the range it is very difficult to trade this pair.
CAD - The market had reached fib 50% as shown in the weekly chart. The price action had reached a critical stage. If the market continue to go up, there is a strong resistance at 1.0169 (61.8% fib). The RSI level is around 37 and currently there is no significant support to take note yet.
How are you drawing fibs
How are you drawing your fibs, are these daily high low, or recent wave
are you using an indicator
GBP - The market last week made a up move in the beginning but when it touches the 61.8% is turned down on Thurday and Friday. However, it is very difficult to clnclude that downtrend is coming because the weekly chart still shows a strong uptrend market.
CHF - Based on the daily chart as shown, the retracement may still go on to fib 50 or 61.8%. the market is facing a strong resistance at 1.1395.
AUD - This market falls within the rnage of 23.6 and 38.2%. Unless a clear price penetration be shown on either side of the range it is very difficult to trade this pair.
CAD - The market had reached fib 50% as shown in the weekly chart. The price action had reached a critical stage. If the market continue to go up, there is a strong resistance at 1.0169 (61.8% fib). The RSI level is around 37 and currently there is no significant support to take note yet.Charting
Hi,
Some people have been asking what are the criteria of defining a trend and how to draw fib (based on what).
As shown in the weekly analysis, the chart is the best explanation I think. Indicators can be used to help your analysis however trading is an art not a science. Very difficult to define I'm afraid.
shek
GBP: The pound was a bearish market last week, the price stop at near fib 61.8%. At this critical point, it might be better to wait and see what this market decide to do early next week. The RSI is around 50 level.
EUR: The overall trend in the weekly chart still exhibit a very strong bullish trend. There is an interesting setup as shown in the weekly chart, there are two doji (arrow indicated), one up and one down bar. This setup look bearish to me. The RSI is above 70 level.
CAD: As speculated, the market shoot above the fib 50% and now stopped at 61.8% with a hammer bar. Under such a circumstances, the fib 61.8% become a very strong resistance now. The price bar are getting shorter and shorter indicating that the market is weak in the uptrend. There could be a bearish move follow after this setup.
Hi All,
This post has been modified to extend the update and posting of woodies cci indicators.
In this post i have introduce the following indicators:
1) BH_Ergodic - This indicator act as a filter to further confirm the expectancy of CCI patterns especially the ZLR pattern. I take this opportunity to thank Lava for his contribution of this indicator.
2) Candle Time - If you notice the standard WCCI panel from the PFG Best Direct Protrader platform, there is a time monitoring indicator to inform the trader the time left in the current bar. I have found one similar indicator in this forum and have it posted here to made up a more complete set of system for WCCI trading method.
3) FX Sniper's MA - This is just another ema that will change colour based on the up and down trnd of the line. This will help you to identify the trend direction of the 34ema. I have made some minor modification on this indicator, the green is up and red is down. Setting should change to 34.
4) CCI_Diff - This is an useful indicator that can calculate the CCI different of the current and previous bar. You can use it for ZLR pattern.
5) DailyWoodyPivotPoint: Hi George, pls check and see if this is OK for you.
I hope you would made profit with all the sharing I had in this thread and don't forget to made some contribution to the charity if you got success.
Good trading to all!
visit my Blog: Sheker - Traders Helping Traders
I will try my best to update the daily performance of my system! Wait for my annoucementMay i visit your blog? I hope to get more help.
i am not a forex trader but hope to learn much from members. thanks
Finding trend is easy just use attached indicator simply called #1.Hope this helped.Before you ask all I have is the ex4/still a good one.