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- GBP/USD Short Opportunity at 1.6745
Last updated 01 December 2009 05:51 PM ET (GMT -5)
| EUR/USD (Medium Term) | | Sell EUR/USD at 1.5338. Stop at 1.5436. Profit targets at 1.5168, 1.5040. |
| GBP/USD (Medium Term) | | Sell GBP/USD at 1.6745. Stop at 1.6826. Profit targets at 1.6623, 1.6532. |
| USD/JPY (Medium Term) | | Sell USD/JPY at 88.14. Stop at 88.61. Profit targets at 87.43, 86.84. |
| 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
Sell EUR/USD at 1.5338. Stop at 1.5436. Profit targets at 1.5168, 1.5040.
| 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? | Top of channel on the Daily Chart. |
Reason for Strategy
A new bearish butterfly pattern has nearly completed on the EUR/USD 8hr
Chart below. This trade has excellent symmetry, but it is pretty far
away from completing. However, this is the best pattern we currently
have to look at. This pattern would also complete at the top of the
channel.
Trade Invalidation
A move below 1.4800 before reaching point D would cancel the trade. Additionally, a move above 1.5436 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 | N/A | N/A |
| Resistance 2 | Top of channel | See Daily Chart |
| Resistance 1 | 1.5338 | Bearish butterfly |
| Current Price | 1.5086 | |
| Support 1 | Bottom of channel | See Daily Chart |
| Support 2 | N/A | N/A |
| Support 3 | N/A | N/A |
- Daily Chart - Trade would enter at the top of the channel.
- 8hr Chart - Bearish butterfly; sell at 1.5338.
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
Sell GBP/USD at 1.6745. Stop at 1.6826. Profit targets at 1.6623, 1.6532.
| 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? | 78.6% of XA on the Daily Chart. |
Reason for Strategy
A bearish Gartley pattern is forming on the GBP/USD 4hr Chart below. The pattern has possible long bars in the CD leg, so we put the entry at the high level of convergence in the pattern at 1.6745. There are two candidates for point X that converge at nearly the exact same level, which is also our entry. The trade would also enter just below the 78.6% Fibonacci retracement of XA on the Daily Chart.
Trade Invalidation
A move below 1.6440 before reaching point D would cancel the trade. Additionally, a move above 1.6826 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 40 pips of hitting the entry, does not enter, and reaches T1, the trade is also invalidated.
| Resistance 3 | 1.7042 | 100% of XA on the Daily Chart |
| Resistance 2 | 1.6756 | 78.6% of XA on the Daily Chart |
| Resistance 1 | 1.6745 | Bearish Gartley |
| Current Price | 1.6615 | |
| Support 1 | 1.6430 | 38.2% of AB on the Daily Chart |
| Support 2 | 1.6292 | 50% of AB on the Daily Chart |
| Support 3 | 1.6153 | 61.8% of AB on the Daily Chart |
- Daily Chart - Trade would enter just below 78.6% of XA.
- 4hr Chart - Bearish Gartley; sell at 1.6745.
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
Sell USD/JPY at 88.14. Stop at 88.61. Profit targets at 87.43, 86.84.
| 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? | Multiple ABCD patterns and bearish channel. |
Reason for Strategy
A bearish butterfly pattern is forming on the USD/JPY 1hr Chart. However, this looks a little unorthodox because there are two separate ABCD patterns that complete at the same level. In reality though, it is a butterfly with a longer term ABCD pattern. It is refreshing to have a pattern forming where we can short the pair within the context of the bearish channel as well.
Trade Invalidation
A move below 86.40 before reaching point D would cancel the trade. Additionally, a move above 88.61 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 | 104.47 | 50% of XA on the Weekly Chart |
| Resistance 2 | 99.82 | 38.2% of XA on the Weekly Chart |
| Resistance 1 | 88.14 | Bearish butterfly |
| Current Price | 86.72 | |
| Support 1 | 83.22 | 127.2% of AB on the Weekly Chart |
| Support 2 | 78.27 | 161.8% of AB on the Weekly Chart |
| Support 3 | N/A | N/A |
- Weekly Chart - Bearish channel.
- 1hr Chart - Bearish butterfly; sell at 88.14.
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 a bearish channel on the USD/CHF 4hr Chart. There
have been some small breaches in the channel, but overall it has held
pretty well. We will watch for new patterns to form within the context
of the channel
Trade Invalidation
No trade
| Resistance 3 | 1.1104 | 50% of AB on the Weekly Chart |
| Resistance 2 | 1.0822 | 38.2% of AB on the Weekly Chart |
| Resistance 1 | Top of channel | See 4hr Chart |
| Current Price | 0.9991 | |
| Support 1 | Bottom of channel | See 4hr 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 - Has support at 1.0184 finally been broken?
- 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.
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
We have drawn a new bullish channel on the USD/CAD 4hr Chart below.
There has been a breach below the channel, and the pair rose back up and has seen resistance at the bottom of the channel. We
will still watch for patterns that may form within the context of the
channel.
Trade Invalidation
No trade
| Resistance 3 | 1.0785 | 38.6% of XC on the Daily Chart |
| Resistance 2 | Top of channel | See 4hr Chart |
| Resistance 1 | Bottom of channel | See 4hr Chart |
| Current Price | 1.0459 | |
| 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 - Sporadic price action not lending itself to forming forming our patterns.
- 4hr 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.
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 experienced a large drop before entering our bearish
pattern last week. The move down is significant because it was the first time
the pair dropped below the bottom of the channel on the Weekly Chart.
We have also drawn a new bullish channel on the 8hr Chart as well. We
will watch for new patterns to form within the context of the channel.
Trade Invalidation
No trade
| Resistance 3 | Top of channel | See Weekly Chart |
| Resistance 2 | 0.9327 | Signifcant high |
| Resistance 1 | Top of channel | See 8hr Chart |
| Current Price | 0.9250 | |
| Support 1 | Bottom of channel | See Weekly Chart |
| Support 2 | Bottom of channel | See 8hr Chart |
| Support 3 | 0.8199 | 38.2% of AB on the Weekly Chart |
- Weekly Chart - Bullish channel.
- 8hr 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.
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
We have drawn an ABCD pattern that would complete near the
127.2% of BC on the 8hr Chart. At this point, it looks like this ABCD has lost its symmetry and we will likely not post that possible pattern after today. We have also drawn a bearish channel on
the 4hr Chart that has broken at the top. At this point, this pair is resetting and isn't providing much information.
Trade Invalidation
No trade
| Resistance 3 | 0.7401 | 61.8% of AD on the 8hr Chart |
| Resistance 2 | 0.7329 | 50% of AD on the 8hr Chart |
| Resistance 1 | 0.7256 | 38.2% of AD on the 8hr Chart |
| Current Price | 0.7258 | |
| Support 1 | 0.7174 | 78.6% of BC on 8hr Chart |
| Support 2 | 0.7079 | 100% of BC on the 8hr Chart |
| Support 3 | 0.6958 | 127.2% of BC on the 8hr Chart |
- 8hr Chart - ABCD has lost some its possible symmetry.
- 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.