Learn to Trend - page 7
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News Today
Hi,
There are not many important news today I think (mainly GBP news in the early hour), so there should be no suddenly changes or spike in the price movement.
Good tradig everyone!!!
Chf
Hi,
I have attached a CHF weekly chart to show that the support I mentioned on the previous post was very strong. The support was tested yesterday but wouldn't break through.
Regards
why I attached your ADX,but it's not the same one as your picture?can you give me the one you using?thanks.
Different ADX???
why I attached your ADX,but it's not the same one as your picture?can you give me the one you using?thanks.
Hi goodsignal,
The ADX I have attached to the forum are the actaul one i am using, I will not post something different from what I use, believe me please.
I think sometimes the data from different source might affect as well. But to confirm this issue let me double check it out in the weekend because I am quite busy these few days.
Enjoy trading and thanks for reading my thread.
Chf
Hi,
I have another interestig chart on CHF, in the last few posts I mentioned the strong support line (refer to the chart below) that are very sensitive.
If you refer to the last week bar again we see an interesting testing of this support line. Unless there is a clear breakout below the support line (a full weekly bar) it is very hard for me to tell whether it will continue to go further down. Looking at the RSI (14) the oversold on weekly did not hit oversold level but hit the oversold on daily so trader might want to take further look on this pair within this two week.
If this pair continue to move downtrend then the closing wedge pattern will be broken and a strong downtrend will follow.
Trade today
Hi,
Based on my chart
1) EUR - ADX is on settling down at 1H, so I see that the first half of the london session shall be rather choppy. Looking also at the 1D chat the RSI (14) continue to stay up high above 70 indicating a strong uptrend but strong overbought condition. So sign of retracement at the moment even when the RSI shows overbought at weekly chart.
2) Swissy - the ADX exhibit the siilar condition as the EUR, where I could see a choppy market at the first half of the london session. However, the RSI (14) on the weekly chart still shows some sign of possible downtrend before retracement takes place.
3) JPY - The daily chart of JPY has an interesting closing wedge, I wonder where it wanted to go now. The RSI (14) shows some neutral sign on buying and selling power. Look forward for a clearer direction on short term trade.
Regards
Cable and the EUR
Hi All,
I have attached Three charts on this post here
1) Cable: 1hourly
2) Cable: weelky
3) Eur: Weekly
Cable:
Based on last performance, the cable contiue to go strong uptrend. The currently situation is so strong that I did not see any sign of downtrend at the moment. Looking at the weekly chart we see the RSI (14) continue to move up and still staying healthy below the overbought line.
However, ig you noticed the cable did not act much during the beginning of last week. Price movment only starts on Friday. So there could be a continue high uptrend today. and after that the market will make some correction. Also, look at the ADX, it is moving downtrend. This suggest that the price might need a short perioed of correction before it goes further. All in all, I see a uptrend for the first haof of the week. Who knows? But let us see
.
EUR:
The trend last week is similar to Cable, but loo at the RSI (14) in the weekly chart. The the RSI are in the dangerous position though the market continuous uptrend. Trader must be cautious if they wanted to take short term trade n this pair. Intraday maybe.
But I am not suprise if EUR will continue to go north ealry this week!
Other pair:
CAD: is also on the high side in term of weekly RSI (14).
CHF: I see a breakthrough of weekly chart in south direction. The market looks very bearish now!
JPY: Based on the daily chart this pair continue to form a closing wedge, so don't go for it at the moment, a breakout may ocurr any time!!!
. Go for scalping will be OK.
All the best for trading folks!
Oops!
Hi,
Forget to inform you that the ISM will be annouce today. Also ,because of the closing wedge of JPY, news could be a strong moving factors to this pair.
Regards
hi
GBP will going down for a moment to 2.0320.....is it right ?
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Forex Indicators Collection
I am wrong
Hi,
I am wrong this time, for this week analysis, the Cable did not trend and the EUR move the other way round
.
However, the JPY did move in an interesting direction as mentioned. The closing wedge seem to be broken. It looks like moving in th uptrend.
Regards