On hourly point and figure chart, yen made a double top breakout at 98.25 confluenced with the breakout of resistance line. The up thrust stopped at 99.25. Looks like yen need more time before made a decision how to attack the key 100 level.
Showing posts with label pin bar. Show all posts
Showing posts with label pin bar. Show all posts
Tuesday, March 31, 2009
03/31/09 Forex Market Comments
Both cable and euro showed reduced volatility today. Their rallies stopped at 38.2% Fibonacci retracement level. For cable, there was a pin bar on hourly chart at the rally top. Cable formed a NR20 (the narrowest range in 20 trading days). Watch out for tomorrow might be a trending day.
On hourly point and figure chart, yen made a double top breakout at 98.25 confluenced with the breakout of resistance line. The up thrust stopped at 99.25. Looks like yen need more time before made a decision how to attack the key 100 level.
On hourly point and figure chart, yen made a double top breakout at 98.25 confluenced with the breakout of resistance line. The up thrust stopped at 99.25. Looks like yen need more time before made a decision how to attack the key 100 level.
03/30/09 Forex Market Comments
This is fourth down day for Cable. Usually it's time for swing trader to cash in. On hourly point and figure chart, 1.41 was the support. There was a pin bar on hourly candlestick chart pointing the swing low at 1.4109. It would be unwise to initiate a short trade. Too late to the party.
On hourly candlestick chart, euro had a MACD divergence signals the stop of slide.
Yen is still in the swing mode. The quick slide stopped at the beginning of London session, then snapped back. The long lower shadow on daily chart indicated the support.
On hourly candlestick chart, euro had a MACD divergence signals the stop of slide.
Yen is still in the swing mode. The quick slide stopped at the beginning of London session, then snapped back. The long lower shadow on daily chart indicated the support.
Tuesday, March 24, 2009
Day Trading Rules - No Setup No Trade
As mentioned in yesterday's post Inside Day for Three Major Currency Pairs, euro is in a top building phase. It's a very tough switch from a trend mode to a swing mode. There were three false breakdowns from the top range. At the beginning of US session, euro formed three pin bars which indicated indecision. At 1:00pm, euro closed under the lower bound of the top range. Although we were anticipating a top breakout for trend following, we need to respect what the market is telling us now. There is no long signal yet. Patience is a virtue here. 3415 gonna be a key support level.
Pound did breakout and formed a higher top range. That's the kind of price action we would like to see in an uptrend. Pound made a 2nd new high of 20 trading days (H20).
Yen kept moving up and almost retraced last week's slide. Whether this up thrust will challenge the key 100 level, only the market can tell us.
Pound did breakout and formed a higher top range. That's the kind of price action we would like to see in an uptrend. Pound made a 2nd new high of 20 trading days (H20).
Yen kept moving up and almost retraced last week's slide. Whether this up thrust will challenge the key 100 level, only the market can tell us.
Wednesday, March 11, 2009
03/11/09 Forex Market Comments
GBP/USD: breakdown yesterday low by 34pips made a new 20 days low (L20). 11:00am formed a pin bar on hourly chart. Then 2:00pm breakout the head-and-shoulders pattern. The min target is 4020.
If yen could breakdown 96.57, we will have a 316pips head-and-shoulders pattern.
Monday, March 9, 2009
03/09/09 Forex Market Comments
GBP/USD: Last Friday formed downside pin bar, if market breakdown Friday low, we have a short swing setup. Around 4:15am, pound broke trend line and Friday low, the downside momentum is decisive. A very nice trending day for pound. Today is a WS7 day and made a new low in 20 trading days (L20).
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