Sunday, November 22, 2009
Technical Approach
EUR/USD
AUD/USD
GBP/USD
All three pairs have closed the week below the 21 EMA on the daily Chart.
AUD/USD respected the trend line coming form the weekly chart and is in between the Trend line and 200 SMA. The pair found support at the trend line after breaking the 20SMA on the H4 chart.
EUR/USD Broke the 200SMA and found support around 1.4800 level. Last week was closed below 200 SMA.
GBP/USD closed below the 21 EMA on the daiy but is still above the 200 SMA on the H4 chart.
DOLLAR INDEX: Strong resistance at 75.75 and Support levels around 75.40 then 75.30 and 75.20. Lowest support level at 74.66.
A break above 75.75 with a retest will confirm the bullish trend for Dollar index and we might see change in the direction in all the majors.
My trading strategy
1: Keeping the 200SMA and 21EMA as my resistance levels on the AUD/USD and EUR/USD
2: Will wait for the right opportunities to inter relay with the technical picture and place my trades.
3: Lower and PRE define my risk.
4: Trade only with 1:3 R/R ratio.
have a great week
AUD/USD
GBP/USD
All three pairs have closed the week below the 21 EMA on the daily Chart.
AUD/USD respected the trend line coming form the weekly chart and is in between the Trend line and 200 SMA. The pair found support at the trend line after breaking the 20SMA on the H4 chart.
EUR/USD Broke the 200SMA and found support around 1.4800 level. Last week was closed below 200 SMA.
GBP/USD closed below the 21 EMA on the daiy but is still above the 200 SMA on the H4 chart.
DOLLAR INDEX: Strong resistance at 75.75 and Support levels around 75.40 then 75.30 and 75.20. Lowest support level at 74.66.
A break above 75.75 with a retest will confirm the bullish trend for Dollar index and we might see change in the direction in all the majors.
My trading strategy
1: Keeping the 200SMA and 21EMA as my resistance levels on the AUD/USD and EUR/USD
2: Will wait for the right opportunities to inter relay with the technical picture and place my trades.
3: Lower and PRE define my risk.
4: Trade only with 1:3 R/R ratio.
have a great week
Thursday, November 19, 2009
Wednesday, November 18, 2009
Tuesday, November 17, 2009
Monday, November 16, 2009
Sunday, November 15, 2009
EUR/USD
EUR/USD
According to weekly chart the pair is still bullish. However, 1.5000 level is and has become even more of a stronger resistance as pair failed to close above 1.5000 level.
Daily Chart: Pair is still holding above the Bullish Trend line drawn from Weekly chart. The pair found support on 21 EMA and found support at 1.4820 after double testing that price level.
H4 Chart
200 SMA comes around 1.4820 and is acting as a strong support (DOUBLE TEST/ RETEST). Even the rice level moved above the daily PP but the pair was not able to break the trend line (Remained below it). Market closed the price below the 21SMA on the H4 Chart. ADX still below 30 But you can see OSMA and Stoch on the chart for reference (Attached).
Note: Pair also held the Daily PP on the H1 chart after a retest. (Key Level to watch).
Busy week for USD. (See ECO Calender)
My trading approach:
1: Short on the pair as market will breath before moving up as the week starts.
3: Long on the pair if it holds the daily PP, 21 EMA and breaks the Trend line on the H1 chart. (Watching OSMA, ADX and other Moving averages along)
4: Waiting for the trend line to be tested on the H4 chart before going long also if the pair hold the 21EMA (then I will keep the 21 as a support) on the pair till 1.5000 level.
5: Rest will be determined by the market and it will tell where its going and will act accordingly.
Note: Gold and AUD are again looking to set higher highs.
H4 and H1 Charts
According to weekly chart the pair is still bullish. However, 1.5000 level is and has become even more of a stronger resistance as pair failed to close above 1.5000 level.
Daily Chart: Pair is still holding above the Bullish Trend line drawn from Weekly chart. The pair found support on 21 EMA and found support at 1.4820 after double testing that price level.
H4 Chart
200 SMA comes around 1.4820 and is acting as a strong support (DOUBLE TEST/ RETEST). Even the rice level moved above the daily PP but the pair was not able to break the trend line (Remained below it). Market closed the price below the 21SMA on the H4 Chart. ADX still below 30 But you can see OSMA and Stoch on the chart for reference (Attached).
Note: Pair also held the Daily PP on the H1 chart after a retest. (Key Level to watch).
Busy week for USD. (See ECO Calender)
My trading approach:
1: Short on the pair as market will breath before moving up as the week starts.
3: Long on the pair if it holds the daily PP, 21 EMA and breaks the Trend line on the H1 chart. (Watching OSMA, ADX and other Moving averages along)
4: Waiting for the trend line to be tested on the H4 chart before going long also if the pair hold the 21EMA (then I will keep the 21 as a support) on the pair till 1.5000 level.
5: Rest will be determined by the market and it will tell where its going and will act accordingly.
Note: Gold and AUD are again looking to set higher highs.
H4 and H1 Charts
Thursday, November 12, 2009
Wednesday, November 11, 2009
Monday, November 9, 2009
Subscribe to:
Posts (Atom)