ForexWeeklyAnalysis

ForexWeeklyAnalysis

Possible long in the mid 0.89XX region, this is near 50% of yesterday's pinbar wick as well. Consider exiting if price closes below mid 0.88XX region Target: mid to high 0.91XX region

ForexWeeklyAnalysis

Given that my other entry region didn't quite work out, the mid 101.XX region will be a place to look for possible long entries. Consider exiting if price closes below trend line AND below mid 100.XX region. Target 1: 103.7X region Target 2: mid 105.XX region RR: 100 pips risk for 200 to 370 pips rewards

ForexWeeklyAnalysis

Last time price didn't hit my level, will it hit this time? Possible long when price hits the lower trend line in the mid 1.09XX region. Consider exiting if price closes below 1.09 Target is the top trend line, which depending on when it hits will come in around mid 1.11XX region.

ForexWeeklyAnalysis

The chart should be self explanatory, just compare the similarities between them. Left is from 2013, right chart is right now. I doubt this falls under Elliot Wave Analysis so I just call this Creative Counting :) Just providing this for fun.. and because it happens to line up with my Short Analysis on NZD/USD I opened a new forex account to track the...

ForexWeeklyAnalysis

WARNING: Cross Pairs should be traded with extreme caution due to their 'heavy nature'. If you don't use wide stops, you'll surely be stopped out before you know it. Disclaimer: I rarely trade cross pairs, I only trade them when it's literally textbook perfect and everything lines up. I'm just putting this analysis here to give some insight on cross pairs, so that...

ForexWeeklyAnalysis

Despite bad China data on Saturday, it actually comes as an opportune moment because it gives AUD/USD a chance to retrace a bit on this bull move. I've drawn an inverted head and shoulder pattern to indicate a possible long term directional change. Wait for price to retrace to the 50% fib level (0.900X) or 61.8% fib level + trend line test (0.898X) for a possible...

ForexWeeklyAnalysis

WARNING: Unless you've been scalping this upward channel, which at the maximum could've yielded between 500-700 pips; this is a risky play considering the number of times that this trend line has been tested. I personally scalped about 300 pips out of this channel so far, so I can afford the risk. Wait for price to hit the trend line in the 1.669X region for a...

ForexWeeklyAnalysis

Since my sell region of high 0.85XX hasn't been reached yet, there's a possibility to get a long entry on this pullback when price hits the 0.843X/0.839X region. Target 1: 0.8522 (today's high) Target 2: high 0.85XX region (weekly downward trend line), refer to my other analysis on NZD/USD. Considering there are multiple trend lines in play, risk is up to your...

ForexWeeklyAnalysis

Wait for price to pullback to 102.7X region for a possible long (38.2% fib level + trend line test). Target 1: 103.7/9X region Target 2: 105.4X region Contingency Plan: If 102.7X region doesn't hold, then the next region to watch is 102.1X (61.8% fib level). Considering the gap between the two regions is 60 pips, you'll want to set a tight stop below 102.7X region...

ForexWeeklyAnalysis

Possible resistance level in the 103.7/9X region, this will be the first time that we're testing this region. Use tight stops considering good NFP today, USD/JPY can shoot through the level. Target 102.7X region (previously resistance, might turn into support), this is also the 38.2% fib level of the current up move (assuming 102.7X/9X holds). Update: Price hit a...

ForexWeeklyAnalysis

Wait for price to hit the trend line for a possible short. Depending on when it gets hit, price may or may not be in the high 1.69XX/1.7000 region. However, I suspect the 1.7000 handle will act as a magnet, both for bulls to take profit and for bears to enter. Considering this is a big level, they may overshoot and run stops above the 1.7000 level, so I wouldn't...

ForexWeeklyAnalysis

Scenario 1: Possible short around current price (1.386/7X) within the smaller wedge. Targeting the lower trend line (low 1.37XX region). Use tight stop loss since price can just stay here until NFP tomorrow then spike up (Scenario 2). Once price hits the lower trend line of the smaller wedge (low 1.37XX region), this yields a possible long entry with a stop...

ForexWeeklyAnalysis

Update: Based on how markets closed, I'd consider this trade is now void since my entry zone was never hit. Price has to hit the top trend line first before any new set ups are presented. Price didn't quite get there today so if price retraces back down there tomorrow, there's a possible long entry in 1.094X region. This is the 88.6% fib level + a possible trend...

ForexWeeklyAnalysis

Wait for price to hit top trend line (around high 0.85XX region) for a possible short. Conservative take profit target at low 0.84XX region (previously resistance). Liberal long term take profit target at 0.79XX region (highly doubt this will happen). Due to not having a certain take profit target, I'd suggest using a trailing stop loss to lock in profits on the...

ForexWeeklyAnalysis

Wait for price to hit bottom trend line (around low 0.87XX region) for a possible long. Take profit when price hits top trend line (around mid 0.90XX region). Consider exiting if price closes below the bottom trend line. Trade can last between 1 to 3 weeks, so be patient with this one. I opened a new forex account to track the performance for my analysis here...