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 Near Long Entry at 88.24
Last updated 24 November 2009 06:28 PM ET (GMT -5)
| EUR/USD (Medium Term) | | Wait until a new pattern emerges. |
| GBP/USD (Medium Term) | | Wait until a new pattern emerges. |
| USD/JPY (Medium Term) | | Buy USD/JPY at 88.24. Stop at 88.04. Profit targets at 88.55, 88.79. |
| USD/CHF (Medium Term) | | Wait until a new pattern emerges. |
| USD/CAD (Medium Term) | | Wait until a new pattern emerges. |
| AUD/USD (Medium Term) | | Sell AUD/USD at 0.9588. Stop at 0.9709. Profit targets at 0.9406, 0.9275. |
| NZD/USD (Medium Term) | | Sell NZD/USD at 0.7399. Stop at 0.7437. Profit targets at 0.7343, 0.7297. |
- EUR/USD
- GBP/USD
- USD/JPY
- USD/CHF
- USD/CAD
- AUD/USD
- NZD/USD
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
The EUR/USD has shot up before completing the ABCD patterns we were
watching last week, so now we are back to looking at only channels. We
will watch for a new pattern to form within the context of either
channel.
Trade Invalidation
No trade
| Resistance 3 | N/A | N/A |
| Resistance 2 | Top of channel | See Daily Chart |
| Resistance 1 | Top of channel | See 4hr Chart |
| Current Price | 1.4963 | |
| Support 1 | 1.4886 | 38.2% of XA on the 4hr Chart |
| Support 2 | 1.4836 | 50% of XA on the 4hr Chart |
| Support 3 | 1.4787 | 61.8% of XA on the 4hr Chart |
- Daily Chart - Bullish channel.
- 4hr 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.
GBP/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 bullish
channel on the GBP/USD 4hr Chart below. The channel has been broken,
but the break is somewhat minor
at this point. I would not be surprised to see the pair face
resistance at the bottom of the broken channel if the pair rises to
that point.
Trade Invalidation
No trade
| Resistance 3 | 1.7021 | 127.2% of XA on the 8hr Chart |
| Resistance 2 | 1.6740 | 100% of XA on the 8hr Chart |
| Resistance 1 | Bottom of channel | See 4hr Chart |
| Current Price | 1.6579 | |
| Support 1 | 1.6430 | 38.2% of AB on the 8hr Chart |
| Support 2 | 1.6292 | 50% of AB on the 8hr Chart |
| Support 3 | 1.6153 | 61.8% of AB on the 8hr Chart |
- 8hr Chart - Will recent resistance hold?
- 4hr Chart - Broken 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.
USD/JPY (Swing Forecast)
Potential Strategy
Buy USD/JPY at 88.24. Stop at 88.04. Profit targets at 88.55, 88.79.
| 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 relatively short term bullish butterfly is forming on the USD/JPY 1hr Chart below. Although we are still in a long term downtrend (as shown on the Weekly Chart), this is a short term trade that isn't suggesting the overall trend will reverse. The trade looks like it could complete with excellent symmetry in both price and time.
Trade Invalidation
A move above 88.65 before reaching point D would cancel the trade. Additionally, a move below 88.04 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 8 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 | 88.49 | |
| Support 1 | 88.24 | Bullish butterfly |
| 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.
- 1hr Chart - Bullish butterfly; buy at 88.24.
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
The USD/CHF dropped before entering our bearish pattern next week.
Therefore, that pattern has been invalidated, and we have drawn a
bullish channel on the 2hr Chart below. This channel has almost
perfect symmetry at this point and could provide a high probability
opportunity later this week.
Trade Invalidation
No trade
| Resistance 3 | 1.1164 | 50% of AB on the Weekly Chart |
| Resistance 2 | 1.0897 | 38.2% of AB on the Weekly Chart |
| Resistance 1 | Top of channel | See 2hr Chart |
| Current Price | 1.0087 | |
| Support 1 | Bottom of channel | See 2hr Chart |
| Support 2 | 1.0184 | 78.6% of XA on the Weekly Chart |
| Support 3 | 0.9609 | 100% of XA on the Weekly Chart |
- Weekly Chart - What will finally happen around the 1.0184 level?
- 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.
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
Our USD/CAD bearish Gartley completed and has reached both profit
targets. Although there were somewhat long bars, but that is part of
the reason why we made CD 127.2% of AB. We will watch for new patterns
to emerge because there is no clear pattern at this point.
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 | 1.0571 | |
| 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 we see a significant move down, or will we see support?
- 4hr Chart - Completed bearish Gartley pattern.
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
Sell AUD/USD at 0.9588. Stop at 0.9709. Profit targets at 0.9406, 0.9275.
| What is the trend? | Down |
| What is this pattern? | Bearish Butterfly - See all chart patterns |
| Why is this significant? | Converging Fibonacci levels provide strong resistance @ point D. |
| What other indicators or Fib Levels support this thesis? | None |
Reason for Strategy
A fairly long term bearish butterfly pattern is forming on the AUD/USD
8hr Chart below. This trade could take a while to complete, but it is
the best pattern to watch on the AUD/USD at this time. This would also
go against the long term trend. However, keep in mind this would be a
brief move down in the context of the Weekly Chart bullish channel, not
a long term trend reversal.
Trade Invalidation
A move below 0.9050 before reaching point D would cancel the trade. Additionally, a move above 0.9709 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 30 pips of hitting the entry, does not enter, and reaches T1, the trade is also invalidated.
| Resistance 3 | Top of channel | See Weekly Chart |
| Resistance 2 | 0.9588 | Bearish butterfly |
| Resistance 1 | 0.9327 | Significant high |
| Current Price | 0.9211 | |
| Support 1 | Bottom of channel | See Weekly Chart |
| Support 2 | 0.8199 | 38.2% of AB on the Weekly Chart |
| Support 3 | 0.7827 | 50% of AB on the Weekly Chart |
- Weekly Chart - Bullish channel.
- 8hr Chart - Bearish butterfly; sell at 0.9588.
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
Sell NZD/USD at 0.7399. Stop at 0.7437. Profit targets at 0.7343, 0.7297.
| What is the trend? | Down |
| What is this pattern? | Bearish Gartley - See all chart patterns |
| Why is this significant? | Converging Fibonacci levels provide strong resistance @ point D. |
| What other indicators or Fib Levels support this thesis? | Entry is just below 61.8% of YZ on the 8hr Chart. |
Reason for Strategy
A bearish Gartley pattern is forming on the NZD/USD 2hr Chart. There isn't a great context for this trade to work within, but the trade would complete just below the 61.8% Fibonacci retracement of YZ on the 8hr Chart.
Trade Invalidation
A move below 0.7217 before reaching point D would cancel the trade. Additionally, a move above 0.7437 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 12 pips of hitting the entry, does not enter, and reaches T1, the trade is also invalidated.
| Resistance 3 | 0.7515 | 78.6% of YZ on the 8hr Chart |
| Resistance 2 | 0.7422 | 61.8% of YZ on the 8hr Chart |
| Resistance 1 | 0.7399 | Bearish Gartley |
| Current Price | 0.7261 | |
| Support 1 | 0.7249 | 61.8% of Z1 on the 8hr Chart |
| Support 2 | 0.7174 | 78.85 of Z1 on the 8hr Chart |
| Support 3 | 0.7079 | Significant low |
- 8hr Chart - Trade would enter just below 61.8% of YZ.
- 2hr Chart - Bearish Gartley; sell at 0.7399.
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.