All Trade Ideas and trading scenarios found on FX360.com are hypothetical. FX360.com has not placed these Ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of futures results.
Swing Technicals- USD/JPY Approaching Long Opportunity at 88.60 (Corrected Version)
Last updated 13 November 2009 05:24 PM ET (GMT -5)
| EUR/USD (Medium Term) | | Buy EUR/USD at 1.4713. Stop at 1.4663. Profit targets at 1.4788, 1.4845. |
| GBP/USD (Medium Term) | | Buy GBP/USD at 1.6382. Stop at 1.6307. Profit targets at 1.6494, 1.6575. |
| USD/JPY (Medium Term) | | Buy USD/JPY at 88.60. Stop at 88.14. Profit targets at 89.28, 89.79. |
| USD/CHF (Medium Term) | | Wait until a new pattern emerges. |
| USD/CAD (Medium Term) | | Wait until a new pattern emerges. |
| AUD/USD (Medium Term) | | Wait until a new pattern emerges. |
| NZD/USD (Medium Term) | | Wait until a new pattern emerges. |
- EUR/USD
- GBP/USD
- USD/JPY
- USD/CHF
- USD/CAD
- AUD/USD
- NZD/USD
EUR/USD (Swing Forecast)
Potential Strategy
Buy EUR/USD at 1.4713. Stop at 1.4663. Profit targets at 1.4788, 1.4845.
| 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 channel on Daily Chart. |
Reason for Strategy
A bullish Gartley pattern is forming on the EUR/USD 2hr Chart. The pattern still has a long way to go until entry, but it is still worth drawing at this point. The pair could quickly be invalidated, in which case we will redraw the pattern next week.
Trade Invalidation
A move above 1.4950 before reaching point D would cancel the trade. Additionally, a move below 1.4663 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 | N/A | N/A |
| Resistance 2 | N/A | N/A |
| Resistance 1 | Top of channel | See Daily Chart |
| Current Price | 1.4886 | |
| Support 1 | 1.4713 | Bullish Gartley |
| Support 2 | Bottom of channel | See Daily Chart |
| Support 3 | N/A | N/A |
- Daily Chart - Trade would enter near the bottom of the bullish channel.
- 2hr Chart - Bullish Gartley; buy at 1.4713.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
GBP/USD (Swing Forecast)
Potential Strategy
Buy GBP/USD at 1.6382. Stop at 1.6307. Profit targets at 1.6494, 1.6575.
| 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? | 38.2% of AB on the 8hr Chart. |
Reason for Strategy
A bullish Gartley pattern is forming on the GBP/USD 4hr Chart. The
pattern still has a long way to go until entry, but it is still worth
drawing at this point. The trade would also enter just below the 38.2% Fibonacci retracment of AB on the 8hr Chart. The pair could quickly be invalidated, in which
case we will redraw the pattern next week.
Trade Invalidation
A move above 1.4945 before reaching point D would cancel the trade. Additionally, a move below 1.4663 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 | 1.6687 | |
| Support 1 | 1.6408 | 38.2% of AB on the 8hr Chart |
| Support 2 | 1.6382 | Bullish Gartley |
| Support 3 | 1.6274 | 50% of AB on the 8hr Chart |
- 8hr Chart - Trade would enter just below 38.2% of AB.
- 4hr Chart - Bullish Gartley; buy at 1.6382.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
USD/JPY (Swing Forecast)
Potential Strategy
Buy USD/JPY at 88.60. Stop at 88.14. Profit targets at 89.28, 89.79.
| What is the trend? | Up |
| What is this pattern? | Bullish Butterfly - 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? | None |
Reason for Strategy
A bullish butterfly pattern is forming on the USD/JPY 2hr Chart. The pattern has nice symmetry at this point. However, this is a counter trend opportunity, so we should be extra cautious of long bars near the completion of the trade (assuming the pattern continues to fall).
Trade Invalidation
A move above 90.65 before reaching point D would cancel the trade. Additionally, a move below 88.14 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 | 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 | 89.66 | |
| Support 1 | 90.18 | 88.60 |
| Support 2 | Bullish butterfly | 87.12 |
| Support 3 | 100% of AB on the Weekly Chart | |
- Weekly Chart - Bearish channel.
- 2hr Chart - Bullish butterfly; buy at 88.60.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
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 an near bearish channel on the 2hr Chart and will watch for new patterns to form within its context. 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 | 1.1432 | 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 | 1.0118 | |
| 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 - Bearish channel.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
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 | 1.0501 | |
| Support 1 | Bottom of channel | See 2hr Chart |
| Support 2 | 1.0495 | 127.2% of AB on the Daily Chart |
| Support 3 | 1.0324 | 161.8% of AB on the Daily Chart |
- Daily Chart - Will support at 1.0495 hold?
- 2hr Chart - Broken bearish channel has reentered.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
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 | 0.9331 | |
| Support 1 | Top of channel | See 4hr Chart |
| Support 2 | Bottom of channel | See Weekly Chart |
| Support 3 | Bottom of channel | See 4hr Chart |
- Weekly Chart - Bullish channel.
- 4hr Chart - Broken bearish channel.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.
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 2hr Chart |
| Current Price | 0.7441 | |
| Support 1 | Bottom of channel | See 2hr 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.
- 2hr Chart - Bullish channel.
DISCLAIMER: The information provided below should not be relied upon as a substitute for extensive independent research before making your investment decisions. FX360 .com is merely providing these views for your general information. The information presented in the views below does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision and should tailor the trade size and leverage of their trading to their personal risk appetite. In addition, any projections or views of the market provided by the authors may not prove to be accurate.
FX360.com 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 on FX360.com
NOTE: All trade ideas on FX360.com are hypothetical. FX360.com has not placed these ideas in a live trading environment. Forex Trading involves high risks, with the potential for substantial losses that exceed your initial deposit and is not suitable for all persons. Past performance is not necessarily indicative of future results.