Latest forex analysis - page 19
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According to fibonacci, support was found at 1.5255.I think market will trade within 1.5000 to 1.6800 then test the 1.7300 level on the last 15 day's of trading in december.If breakout above 1.7300 next target 1.8500.
The short term answer meaning next week the market has formed an A symetrical triangle and will be going lower as of next week.Although there will be a short sell off I think the market has reached oversold conditions and will hold the line of support described in the previous post.After which we will look for rally then test of upper fib levels. So short sell period then long to 1.60 plus.
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To cut out the useless jargon I will provide visual evidence of market direction.The way I diagnose this is with trendlines and chart patterns. never any indicators.
According to descending triangle downtrend has begun and will continue, look for sell opportunities at the shortterm resistance level of 1.5700-1.5655 between these levels use your technical indicators for perfect entry positioning. Market will trade lower, long term(daily) support still holds at 1.5255.I will post update on wednesday for thursday, friday trade call.
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Coming Up :
Sharpening Your Edge Series: Cutting Losses
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* 95% of traders bust out in their first 6 months. Be the 5% who survive.
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Trading with chart patterns and trend lines are the avenue in which wall street's most sucessful investors diagnose the market and forecast future price movement.It is the original form of technical analysis.In the day's of old a speculator would draw a chart by hand, fortunantly today we have chart's readily available at the click of a mouse.
I will explain this method further in detail at a later date for all who thought technical indicators where the most accurate and profitable means of analysis.
Pound continues to trade lower (breakout) this should continue throughout the day.We will be scanning for additional trade setups and will post when continuation or reversal criteria is met.Break below support on short term......now support turns into our resistence.
It's reversal time! Selling period is quickly losing steam as the market slips into consolidation then breakout to the topside wednesday. Falling Wedge chart pattern say's reversal as bulls will soon take control, buy(long) is in the near future.
As alway's I will scan the market and speculate on thursday and friday's outlook.