EUR/USD DAILY
The Daily chart of the EUR/USD Shows that the downtrend is still intact. The currency pair is breaking lower off of the new trendline. Forex channel breakout trading will continue to be profitable as long as the trend holds.
We are waiting for a new high to break above the trendline and recent spike (red line) possibly to the blue line +500 pips- where it may reverse again. Even without coloring in you can see the boxing channel at the bottom of the chart. Which way will it go?
No need to know… Let the market tell you where it is going and follow along.
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Continue reading about Saturday Nov 29 EUR/USD Forex Daily Chart
EUR/USD 30M
Today is the day to be grateful for family and friends and great opportunities to trade in a wonderful business. Today take a break from trading. The GBP/USD currency pair is setting up for the opposite of the falling wedge on last sunday’s blog. Tomorrow look to see if the new high holds or if a big market reversal is coming with a breach of the lower trendline on the 1 hour chart.
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Continue reading about Happy THANKSGIVING take a Break and count your Blessings
EUR/USD 15M
The EUR/USD 15M Forex Chart is breaking a box channel at 7:30 AM for about 75 pips to the previous low. I initially had my stop set for the obvious resistance/previous low and decided to move it anticipating a broad market drop would take the market lower. I was wrong on it moving lower but I pulled out 32 pips anyway.
Continue reading about November 26 Forex EUR/USD currency breakout
EUR/USD 5M
This is the EUR/USD 5M chart that broke out at 7:30 this morning. It was going down with the larger trend, against the trend of the day. The move was good for 75 pips. I was able to pull 30 pips out of the trade.
LESSON OF THE DAY– If you can enter a STOP + TTO trade 18-20 pips past 100′s with stop loss 15 pips on the other side of 100′s it is good money managment as the 100′s are strong resistance/support.
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EUR/USD 5M
5M GBP/USD Broke down from the box at 4:40 and then up at 5:40 for a big move up with the stock market in Europe. The move down could have netted you 30 to 50 pips and the move up if you took it 150-200 pips depending on stops.
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GBP/USD 1HR
EUR/USD 4HR
The First chart is the 1 HR -GBP/USD Breaking out of the wedge formation as predicted on my Sunday Blog. The second chart is the 1 HR -EUR/USD following the same breakout even though it was not as nice a wedge formation. Up 160 pips at 4PM PST.
Both trades are against the Trend and you have to be careful here. Could be some nice shorting opportunity setting up soon. Hopefully the reversal will continue so that the world stock markets can recover some of their devastating losses.
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GBP/USD 1HR
This is the GBP/USD 1HR currency pair in a near perfect 5 point falling wedge formation. If it trades as a normal falling wedge it will break to the topside of the trendline and has the potential to move up 1000 pips as a 50% retracement.
This is a higher risk trade as it is counter trend and not what I like to do. It does present the opportunity on the way back down for a very nice trend resumption pay out that is a less risky trend trade. Current price is 1.4900 and 50 fib on a 4hr chart is 1.6067.
WAIT FOR YOUR TRADE…This is the trade set up, you can box it in. Trade on the breakout of a box that goes off of or through the trendlines. Then move your stops to break even and let it run.
UPDATE 11/25/08 THIS TRADE IS UP 525 POINTS AS OF THIS AFTERNOON, although it did have significant drop but no loss – of 175 pips at one point. This shows the power of longer term trades.
Update 9/21/10 This trade is best taken long from position 5. You can have a minimal stop at this point.
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Continue reading about Sunday NOV 23RD Falling Wedge Reversal?
