Mutiara kata minggu ini: Teman manusia yang sebenar ialah akal dan musuhnya yang celaka ialah kejahilan..

Sep 26, 2007

EUR/USD

EUR -exactly opposite as CHF- continues moving above the beautiful outer support uptrend line, completing ABCD Upswings shown in the smaller timeframe, lately inside A = 1.3933 B = 1.4129, where the bull team found a retrace resistance at 1.4055/.382 and up move signals have been created in order to imply that the market has a good probability of moving north and keep on going with the overall move and scoring new historic higher highs. Once again traders that have been able to get into short positions can consider to place their targets at the B low support area located at 1.14130 and eventually at 1.18 and 1.27 D extensions at lower levels by using our cancel and replace rules. As the saying goes: "Trade with the trend, the trend is your friend until it bends".




GBP/USD

GBP has had what may be one of the most interesting sessions through the day, when it all began last night as the pound held off the C = 2.0279/.86 retrace resistance of the latest AB Downswing A = 2.0345 B = 1.9871 level with the bear team building a nice mid term timeframe pattern that currently tries to make the market dip and eventually create an even stronger formation in the Daily chart. The fun continued when the GBP found support at the counter retrace support trend line, where bulls are waking up and telling traders that they have not given up their control yet. This is why the mixed up environment cannot be taken for granted by traders, as their limits must be placed at conservative levels, meaning that short traders must lock in around the 2.0080 support and long traders should do the same at the 2.0225 high. Having that said, our focus will give preference to take profits from positions opened and will now stand aside.




USD/CHF

CHF continues moving below the beautiful outer resistance downtrend line, completing ABCD Downswings shown in the smaller timeframe, lately inside A = 1.1860 B = 1.1690, where the bear team found a retrace resistance at 1.1763/.382 and down move signals have been created in order to imply that the market has a good probability of moving south and keep on going with the overall move. Traders that have been able to get into short positions can consider to place their targets at the B low support area located at 1.1690 and eventually at 1.18 and 1.27 D extensions at lower levels by using our cancel and replace rules. As the saying goes: "Trade with the trend, the trend is your friend until it bends".




USD/JPY

JPY concludes the week creating a retrace move after the dip seen in yesterday's session where the bear team scored two points in the mid term timeframe, to break the support counter trend level. Bears have now decided to take a rest and the bull team takes control of the smaller timeframe, driving the yen above a new and recently developed support level as it probably aims for a test of either the backside of the broken countertrend or the outer resistance downtrend line level once again. Traders can now stand aside from the JPY waiting to for the result of the upcoming battle that may take place in the market early, not today, but on Sunday's opening and Monday's session: the main subject will be, if we will see a new bounce at the resistance or if bulls will charge and create a new up move. A great way to begin next week! But for now, it is time to enjoy the profits obtained during the week as we wish you all a great weekend!








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