EUR/USD (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
We have drawn a bearish channel on the EUR/USD 2hr Chart after the
sideways channel was broken. Of course, the pair quickly broke through
this channel as well and has continued to rise. There is not a whole lot of symmetry with the
USD at this point. We will now simply watch for new patterns
to form.
Trade Invalidation
No trade
| Resistance 3 | 1.5331 | 161.8% of XA on the 4hr Chart |
| Resistance 2 | 1.5181 | 127.2% of XA on the 4hr Chart |
| Resistance 1 | 1.5062 | 100% of XA on the 4hr Chart |
| Current Price | 1.4980 | |
| Support 1 | 1.4886 | 38.2% of AB on the 4hr Chart |
| Support 2 | 1.4836 | 50% of AB on the 4hr Chart |
| Support 3 | 1.4787 | 61.8% of AB on the 4hr Chart |
- 4hr Chart - Where will we see new resistance?
- 2hr Chart - Broken bearish channel.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
GBP/USD (Swing Forecast)
Potential Strategy
Buy GBP/USD at 1.6484. Stop at 1.6413. Profit targets at 1.6592, 1.6670.
| What is the trend? | Up |
| What is this pattern? | Bullish Gartley - See all chart patterns |
| Why is this significant? | Converging Fibonacci levels provide strong support @ point D. |
| What other indicators or Fib Levels support this thesis? | Bullish trend line on 8hr Chart. |
Reason for Strategy
A bullish Gartley pattern is forming on the GBP/USD 2hr Chart. This is an unorthodox pattern because we extended CD to 127.2% of AB due to long bars in the CD leg. When CD is extended to this level, it converges very nicely with multiple Fibonacci ratios. I don't always recommend this, but my experience tells me this is a high probability trade. The trade would also enter near the bullish trend line on the 8hr Chart assuming the pattern completes as drawn.
Trade Invalidation
A move above 1.6634 before reaching point D would cancel the trade. Additionally, a move below 1.6413 would stop the trade out. Long bars in the CD leg near the entry would also invalidate this trade. Also, if the pattern comes within 10 pips of hitting the entry, does not enter, and reaches T1, the trade is also invalidated.
| Resistance 3 | 1.7379 | 161.8% of XA on the 8hr Chart |
| Resistance 2 | 1.7021 | 127.2% of XA on the 8hr Chart |
| Resistance 1 | 1.6740 | 100% of XA on the 8hr Chart |
| Current Price | 1.6570 | |
| Support 1 | 1.6484 | Bullish Gartley |
| Support 2 | Bullish trend line | See 8hr Chart |
| Support 3 | 1.6408 | 38.2% of AB on the 8hr Chart |
- 8hr Chart - Trade would enter near the bullish trend line.
- 2hr Chart - Bullish Gartley; buy at 1.6484.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
USD/JPY (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
Our bearish Gartley on the USD/JPY was invalidated over the past day. We have drawn a broken bullish channel and a current bearish trend line, but there isn't a whole lot to go on here. We will wait for a pattern we can trade to emerge.
Trade Invalidation
No trade
| Resistance 3 | 109.99 | 61.8% of XA on the Weekly Chart |
| Resistance 2 | 105.63 | 50% of XA on the Weekly Chart |
| Resistance 1 | 101.26 | 38.2% of XA on the Weekly Chart |
| Current Price | 89.84 | |
| Support 1 | 90.18 | 78.6% of AB on the Weekly Chart |
| Support 2 | 87.12 | 100% of AB on the Weekly Chart |
| Support 3 | 83.22 | 127.2% of AB on the Weekly Chart |
- Weekly Chart - Bearish channel.
- 8hr Chart - Bearish trend line.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
USD/CHF (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
We have drawn a bullish channel on the USD/CHF 2hr Chart after the
sideways channel was broken. Like most other USD based pairs, the
channel broke, and we don't have much to look at. I think
we could be a pivotal moment in this pair because we also are hovering near the long term 78.6% Fibonacci retracement of XA.
Trade Invalidation
No trade
| Resistance 3 | 1.1463 | 61.8% of AB on the Weekly Chart |
| Resistance 2 | 1.1164 | 50% of AB on the Weekly Chart |
| Resistance 1 | 1.0897 | 38.2% of AB on the Weekly Chart |
| Current Price | 1.0079 | |
| Support 1 | 1.0184 | 78.6% of XA on the Weekly Chart |
| Support 2 | 0.9609 | 100% of XA on the Weekly Chart |
| Support 3 | 0.8878 | 127.2% of XA on the Weekly Chart |
- Weekly Chart - Will support at 1.0184 finally hold or finally break?
- 2hr Chart - Broken bullish channel.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
USD/CAD (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
The USD/CAD has dropped sharply after the weekend, which invalidated
the possible trade we set up last week. We have now drawn a bearish
channel on the 2hr Chart. The AB=CD
level that was forming at the bottom of the channel is no longer of
interest because we breached the channel before reaching AB=CD in terms
of time. This is a good example of why time symmetry is so important.
Trade Invalidation
No trade
| Resistance 3 | 1.1143 | 61.8% of XC on the Daily Chart |
| Resistance 2 | 1.0964 | 50% of XC on the Daily Chart |
| Resistance 1 | 1.0785 | 38.2% of XC on the Daily Chart |
| Current Price | 1.0452 | |
| Support 1 | 1.0495 | 127.2% of AB on the Daily Chart |
| Support 2 | 1.0324 | 161.8% of AB on the Daily Chart |
| Support 3 | 1.0205 | Significant low |
- Daily Chart - Will support at 1.0495 hold?
- 2hr Chart - Broken bearish channel.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
AUD/USD (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
The AUD/USD trade setups from last week have both been invalidated.
Therefore we have drawn a bearish channel. This new channel was fairly
weak at this point, and it ended up breaking and rallying. We will simply watch for the next pattern/channel to form.
Trade Invalidation
No trade
| Resistance 3 | N/A | N/A |
| Resistance 2 | Top of channel | See Weekly Chart |
| Resistance 1 | 0.9327 | Significant high |
| Current Price | 0.9301 | |
| Support 1 | Top of channel | See 2hr Chart |
| Support 2 | Bottom of channel | See Weekly Chart |
| Support 3 | Bottom of channel | See 2hr Chart |
- Weekly Chart - Bullish channel.
- 2hr Chart - Broken bearish channel.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.
NZD/USD (Swing Forecast)
Potential Strategy
Wait until a new pattern emerges.
| What is the trend? | Neutral |
| What is this pattern? | No pattern present - See all chart patterns |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
Reason for Strategy
The NZD/USD has risen above our trade setup from last week, so we have
taken that pattern away. The pair shot up on the weekend open and we
have drawn a bullish channel in that context. We will likely stay away
from this one for a while because of the extreme gap.
Trade Invalidation
No trade
| Resistance 3 | Top of channel | See Daily Chart |
| Resistance 2 | Bottom of channel | See Daily Chart |
| Resistance 1 | Top of channel | See 1hr Chart |
| Current Price | 0.7395 | |
| Support 1 | Bottom of channel | See 1hr Chart |
| Support 2 | N/A | N/A |
| Support 3 | N/A | N/A |
- Daily Chart - Broken bullish channel with possible resistance at the bottom trend line.
- 1hr Chart - Bullish channel.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the authors are not necessarily those of Global Forex Trading, its owners, officers, agents or other employees. In addition, any projections or views of the market provided by the authors may not prove to be accurate. Global Forex Trading and the currency research team will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and the currency research team do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
This website is not intended for residents of the United Kingdom.