Forex Trade Setups Commentary: EURJPY rotation higher, Dollar Index reversal, 20th 2010 Ocotober

As we discussed yesterday, the EURJPY did turn higher, however the rally was a bit stronger than expected, as it was in the other currency pairs as well.

On 8 and 9-day ema is still trying like will lower transverse soon, we could see a move lower from here but we'd like to see 1 hr graphs or signal confirmation of price action for 4 hours before committing any new courts.

Classification of dollar:

The below chart is the index of the dollar, we put this to show how yesterday is toro move quickly in the USD was reversed today as bears right rear stepped in to sell the dollar down on the back of continued weak fundamental data.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

Note: We did get a rotation today in most majors as we discussed in the commentary yesterday, however, given the depth of the selloff yesterday and the strength of the rally today, these two forces have effectively neutralized with one another. Personally, I'm sitting on the sidelines and waiting for some strong h 1 or 4 h action price signals before committing a new short.

The dollar weakened today as investors anticipated that the Federal Reserve bank will soon provide cheaper stimulus. the dollar dropped across the Board against other majors on the back of the talk that the US Central Bank plans to spend $ 500 billion in bonds purchases the next six months, with the ability to commit to doing more in the next 18 months.

"Weak dollar on November 3, FOMC meeting is clearer now trade. investors want to continue on this path," said Amelia Bourdeau, senior currency strategist at UBS in Stamford, Connecticut. "Currencies (many) plunged against the dollar yesterday and investors are buying them back. "

Comment by installations of Trade Forex: EURJPY and GBPUSD update, October 19, 2010

EURJPY:

The EURJPY is losing momentum, we can see moving averages day 8 and 21 are rolling over and look for traversing lowest soon. there would see any gatherings intraday in this pair as potential shorting opportunities on the back of declining quality of price action Setup.

The area 113.00 has proven to be solid support recently, we assume that this level could acts as resistance we should see a higher rotation.

GBPUSD:

Installing bar GBPUSD pin discussed in last Friday's commentary came downwards in what was a huge move that was very profitable for merchants willing to price action. now we're trying to sell the strength of this pair and see the resistance in zone 1.5830-1.5870. we should get a nice bearish signal intraday there would appear to get summary.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

The dollar gained considerable force today as risk aversion harvest because of concerns renewed on banks of the United States and a surprise tightening of credit from China.

Prices weakened today as feard in u.s. mortgage market grew, crude oil futures fell 4.5 percent and gold fell nearly 3 percent.

Japanese Yen also gained considerable ground against other Major except the dollar, that was definitely the strongest currency today.

EUR/JPY Daily Outlook

Daily pivots: (S1) 111 77. (P) 112 43. (R1) 113 14. More

Despite the steep decline of EUR/JPY holds above 111.51 and restores. Intraday bias is enabled neutral at the moment.But the risk remains on the downside over so long 115.40 resistance possession. Rebound from 105.42 might finish on 115.65 already and break of 111.51 support will confirm this bearish cases and direct a test at 105.42 low next.

In the bigger picture, a medium term bottom formation at 105.42.The lack of persistent strength in increase from there suggests that the EUR/JPY is only in the consolidation.In addition, EUR/JPY still trade far below 55 weeks EMA who argue that in the medium term, fell from 169.96 ongoing. Break of 105.42 will draw 100 psychological level next To the upside and above 115.65, but will bring another rise to 38.2% retracement of 139.21 to 105.42 at 118.32 instead.

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Forex Trade Setups Commentary: GBPUSD, EURJPY Pin Bar recap, 18th October 2010 update

The GBPUSD pin bar configurations which we discussed in last Friday's commentary coming good bearish today.

The installation was counter-trend and gave traders a nice opportunity for a profit of 2: 1, level of dynamic support for 21 days ema is hovering just below;How can we see a rotation Back upwards from here. Note how this support area 21 day ema held strong on recent test of disadvantage.

EURJPY:

The EURJPY fired off a fakey bullish signal in line with the trend that we discussed in the commentary last week. This setting does not work out and we just wanted to post it here to demonstrate that happen losses.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

The dollar closed today much higher against other majors, but gave much of his earnings start session as the New York session came to a close.

Gold and silver pin formed bar reversals in line with the uptrend dominant today as investors watched last week's weakness, buying opportunity.

The Dow has added 80 91 points, or 0.73%, S & P 500 gained 8.52 points, or 0.72% and the Nasdaq acquired 11.89 points, or 0.48%.

Trade idea: EUR/JPY – sales at 113.90

EUR/JPY-112.72

Recent: wave v has possibly ending at 107.30

Trend: down

New strategy:

Sell to 113.90, Target: 112.00, Stop: 114.50

Although the common currency have recovered after falling 111.72 yesterday and consolidation with initiating a mild bias would be seen for retracement to 113.55/60 (50% Fibonacci retracement of 115.42 111.72) but renewed selling interest should appear far below 114.01 (61.8% Fibonacci retracement) and get another depression later. an infringement of 111.53 (at the bottom of a leg of B) would signal a c, stage of b is weakness to 111.00 and then 110.50, would otherwise be choppy trading continue.

Our desired quantity is to decline from 139.26 is wave (c) and areas of interest in (a): 127.00, b 138.49 and wave (c) has begun with a diagonal wave 1 (in: 126.95, ii: 134.37; (iii): 120.70, (iv): 125.24 and then wave v at 119.66) Rebound from 119.66 to 127.95 was an a-b-c wave 2 and wave 3 from 127.95 with smaller wave I at 122.37 and wave II at 125.97 and smaller wave iii has ended when 110(6) 49 and wave iv ended at 122.29, wave v stopped at 107.30 as wave 3, wave 4 has stopped at 114.74 and wave 5 has stopped at 105.44.

In light of this, we look to sell euro on recovery; Above 114.50 would endanger stronger upturn and suggests a possible triangle wave (b) developments but upside should be limited to the resistance at 115.05 (last Friday's high) and the resistance at 115.42 should keep, keep another decline.

We treat rally to 169.97 as the end of wave (a) on the bigger picture, then selloff from 169.97 (July 2008) to 112.08 is wave (A) (b) the end of the whole wave (b) and then rebound to 139.26 is wave (B), wave (C) have praised with smaller wave 1 ended at 119.66 and wave 2 at 127.95. this wave (C) (b) should be limited to 105: 00 and psychological support at 100.00 should remain intact.

Forex Commentary: AUDUSD nearing parity, EURJPY fakey update, 10-13-10

The Australian dollar is approaching to parity with the dollar. We can see in the chart below that recently there has been some very bullish price action in Daily, who has reported this move higher.

Note the fakey + combination installation of bar pin and then bullish pin 2 bars that formed recently. this situation are examples of how a market trend with simple price action trading formations.

EURJPY:

Installing fakey + pin EURJPY we discussed in the commentary yesterday broke more in line with the underlying trend. resistance comes close to 115.50.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

Global Stocks today pink on the expectations that the u.s. Federal Reserve Bank further loosen monetary policy to inject life the American economy stagnating.

Gold has reached a new all-time high today of $ 1374.15 per ounce as investors looked for safety, as the dollar continues to weaken. Oil closed just above $ 80 a barrel, moving 1.6% today.

The daily is almost equal and the dollar further weakened today against all the other major currencies.

The Dow moved up to 75,68 or 0.69%, S & P 500 added 8.33 points or 0.71% and the Nasdaq added 23.31 points or 0.96%.

Forex commentary: Palady and EURJPY Update 9-17-10

Posted on 18 September 2010

Settings of Trade Forex commentary: Palady EURJPY important levels and watching.

AUDUSD:

Fakey/pin bar inversion, the daily showed a pattern of topping in the form of a downside.The couple can push down next week before we see a revival of the uptrend.

Wouldn't recommend novice Forex traders take this configuration counter-counter trend because we firmly believe-trend trading is the Kingdom of traders experience more. However, we would like the advice merchants keep an eye on support near 0.9220-0.9180 next week as we believe this is an area of strong support setup action. A solid price forming bullish near this support would be a good long setup.

The synopsis of chart above daily is a good example of how you can simply still effectively schedule your trades before hand using simple price action. Click here if you want to read because simplicity is neglected in Forex trading.

EURJPY:

The EURJPY busted out of its range of trading high near 109.50 earlier this week the pair seems to be set for a possible rotation bottom at some point this week next trading after refusing to fall today.

However, rather than fighting explosive bullish momentum this week would prefer to wait and see some form of action strong bullish price near the considerable level of support of 109.50 and then try to get along.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

The dollar and the Japanese yen has regained some of their lost ground on the eve of today as in riskier assets recently took a breath.

The Swiss franc remained strong today, gaining on both the dollar and the yen.

For the week, the Dow was 1.4%, the S & P 500 added 1.5 percent and the Nasdaq added 3.3%.

Comment by: installations of Trade Forex EURJPY and AUDJPY levels 9-29-10

Posted on September 30th, 2010

The EURJPY is approaching a strong resistance approximately 114.80. This area of resistance will be crucial in determining the fate of this currency pair in the short term.The refusal of this resistance may lead to a substantially lower rotation as there is little support until around 109.50. Alternatively, a breakout above this resistance would likely result in another leg upward.

Operators should keep a keen eye for valid price action configurations around 114.80.

The AUDJPY is also sitting under a critical area of resistance around 81.40. this level will be crucial in determining which direction this currency pair heads to close this week and next. keep an eye out for any signs of strong action price close to this level.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

The dollar fell to a five-month low against the euro today on the back of increased expectations that central banks will intensify monetary stimulus to support fragile economies, this also helped bullion extend its recent rally breaking records.

Main Currency strategist Brian Dolan of forex.com said, "the dollar is currently in a situation of" lose-lose "where if data of United States are disappointing, increases the prospects of lightening of the fed and it weighs U.S. rate and the dollar, if data of United States gets better than expected, then the risk is back on, then the dollar is shunned as currency safe"

The Dow was down 22.86 points or 0,21%, S & P 500 lost 2.97 points or 0.26%, the Nasdaq was down 3.03 points or 0,13%.

Forex commentary: EURJPY and Daily Price Action 9-14-2010

Posted on 15 September 2010

Forex trade Setups comment: EURJPY and Daily Price * GBPJPY * – update

GBPJPY: update

The GBPJPY formed a break false more inside bar and support near 128.00 yesterday.This configuration fakey tipped off fundamental news dealers outside Japan imminent as regards their intervention in the FX market today to weaken the surging yen in order to strengthen their economy sagging.

EURJPY:

The EURJPY inside bar installation of rejection that has formed last Thursday off support near 106.00, drove more aggressive and penetrated the resistance around 109.50. the yen fell 2%, as the Japan Wednesday intervened in the FX markets for the first time in six years.

We can also see in the chart below that a candle bar pin bullish formed on Tuesday, this could be another tip off that prices had the potential to challenge the top of the range commercial near 109.50.

AUDUSD:

The daily has penetrated the resistance weekly near 0.9400 in the last two days and was able to maintain prices above this layer as shown in the following graph. momentum is however still bullish, but would wait to see a solid price Setup develop action before entering a new long position.

A move down to support near 0.9220 would be considered possible scenario of purchase if we saw some form of action bullish price close to this level.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

Japan intervened in the forex markets for the first time in 6 years on Wednesday to stem the economic damage due to yen surging, this worked to push the yen significantly lower across the Board and lifting on Tokyo stocks by over 2%.

Gold drove to fresh high as of Tuesday, and this helped a weakening dollar, which led to a bullish trend in Daily, EURUSD and GBPUSD.

The Dow lost points 17.64 or 0.17%, the S & P 500 fell 0,80 points or 0,07% and the Nasdaq acquired 4.06 points or 0.18%.

Comment by installations of Trade Forex EURJPY: USDJPY and price action 9-7-10

USDJPY:

The USDJPY formed a bearish pin bar which we discussed in last Friday's commentary. Price since then came modestly bearish and seems to have more space to run before getting to the strong support monthly close 79.75.

EURJPY:

Very lightweight volume of work-day yesterday formed a small internal bar just below the EURJPY resistance. This inside bar Setup was with market bearish momentum and could be a scenario of high-reward very low risk price merciless action traders.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

The euro was substantially weaker today against other major currencies due to renewed concerns for debt of the euro area.

The dollar was mainly today stronger but still lost modestly the Japanese yen and the Swiss franc. the yen was the big winner in the session of trading forex today.

The Dow lost points 107.24 or 1.03%, S & P 500 dropped to 12.67 points, or 1.15% and the Nasdaq dropped to 24 86 points, or 1.11%.

Forex Commentary: EURJPY 4 Hour fakey setup, 9-10-10

Posted on 23 September 2010

The EURJPY formed a very dignified 4 hours fakey/pin bar combination installation recently that was in line with momentum bullish.

We sent this setting Member's forum shortly after he closed off desiring to merchants that gave the possibility to jump aboard the uptrend here.

For more examples of fakey toolbar and pin click here: fakey and pin bar configurations.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

Gold hit a record high today on the expectations that the U.S. Government stimulus would work for accelerating inflation.

The dollar was less than today against other Major mainly with the exception being the Canadian dollar, which has lost ground modest for the buck.

The Dow lost points 21.72 or 0,20%, S & P 500 lost of 5.5 points, or 0.48% and the Nasdaq fell 14.80 points or 0.63%.

Comment by installations of Trade Forex: Gold and EURJPY fakey 9-28-10

Published September 29th, 2010

Comment by installations of Trade Forex EURJPY fakey: Gold and

Gold:

Gold put in a massive false break/fakey model during the price action today. Note how queue bottom candle showed the refusal of the level of support intra-day recently near 1283.00 before quickly reversing top and affects almost 1310.00 per ounce.

This is still a powerful example of the trend of price action trading with gold.

EURJPY:

EURJPY formed a normal fakey today compared to what we saw in gold.Could we see price push upwards towards the resistance around 114.80 from here.We see a strong break above this level of resistance to a deeper to occur.

Note how low the fakey moved towards the day 8 moving average before rejecting the price and pushing higher, in line with the uptrend dominate.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading training course.

Comment:

Euro gained ground against the dollar and the pound today as speculation escalation that central banks in THE US and British would pump more money into their economies anemic; this process is known as quantitative easing. This posted euro impetus for up to 5 months against the dollar and for a maximum of 4 months against the pound.

Elsewhere, gold rose to $ 1,310 an ounce and silver hit a top 30 years as the appeal of precious metals savings-refuge has encouraged even weaker U.S. consumer confidence and house prices.

The Dow added 46.10 points, or 0.43%, S & P 500 added 5.54 points or 0,49% and the Nasdaq acquired 50.86 points or 0.41%.

Forex Trade Setups Commentary: EURJPY Pushes past 114.75 Resistance, 10-1-10

Installing fakey EURJPY we discussed in our comment from 9/28 drove past resistance around 114.75. This price action configuration provided ruthless traders a reward of solid risk of 1: 2 and maybe more should prices continue to push further up next week.

Price closed just above the previous resistance around 114.75, an interruption of solid above this level next week will probably a greater thrust and this level of resistance flip to support Merchant could then watch. this level for possible configurations long develop next week.

Note also the bar pin formed yesterday in EURJPY which showed clear rejection of day 8 moving average, which was in line with the uptrend, this configuration of bar pin gave a further boost to rally today through overload resistance.

For deeper analysis of the major currency pairs and analysis of forex price action, check out my forex trading course.

Comment:

The dollar weakened still today and fell to a minimum of 6 months against the euro after a Federal Reserve official in the United States said that growth has been disappointing, this strengthened if quantitative easing, which essentially means that the Fed may have to inject more money in the US economy.

Adding additional problems for the refuge dollar was a report that came out that manufacturing Chinese showed was stronger than expected that worked to stoke the fires of greater propensity to risk.

The euro rose to a maximum of 1.3784, its highest level since mid March against the dollar.

The Dow rose 41 63 points or 0.39%, the S & P 500 rose 5.04 points or 0.44% and the Nasdaq added 2.13 points or 0.09%.