EUR/USD opens the week higher Short term resistance going upwards should be 1.3341, 1.3388, 1.3414 and above that is 100 and 200 SMA on the H4 chart. On the down side 1.3266, 1.3208, 1.3141.
SEE H4 CHART
Gold as usual bullish out look on the daily chart. If the short term trend changes for a pull back Ill find opportunities to buy on the strong rebounds.
USD/JPY is hanging above 93.78. I have a long entry from last week on this pair with a very small stop loss on the daily chart. 100 and 200 SMA on the daily chart are converging for a bullish cross over as well
SEE DAILY CHART
GBP/USD Lets see what the UK elections bring to the table. 1.5252 is a strong support and 1.5390 resistance going up. For the moment on the H1 chart pair is finding resistance around 1.5353
SEE H1 CHART
Pure technical trading sounds like mumbo jumbo to me. If it works for someone, more power to 'em. But I don't see how or why I should focus on the so much on the past, when it's clear to me that news and fundamentals are driving the markets day to day.The forex market is huge and very liquid. There is a constant basic equilibrium to the two sides of the trade, with the market moving based on the slightly greater demand to buy or sell. It's the extra few sellers or buyers who give the nudge up or down at any given time. That being the case, I use market sentiment to help get a view what the changing perspective is to get a feel which direction is expected to gain strength. (I guess a technician has quantified this based on market action, but I think it's probably too late to be useful by then.)Once I have a bias as to direction, I'll get into a trade preferably while the market is flat for several bars, or while it's beginning to show movement in the expected direction. It's not so much going with the trend, but much more not to fight a trend.
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