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The Forex Lounge
Jan 07, 2014 at 00:12
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10 Replies
Member Since Jan 13, 2011
27 posts
Jan 07, 2014 at 00:12
Dow finds support at 16325, its a key support because:
- its 23.6% FIBO retracement level for uptrend from 15610 to 16540
- We find 55 moving average on 4H Chart
So far it found support twice here
- its 23.6% FIBO retracement level for uptrend from 15610 to 16540
- We find 55 moving average on 4H Chart
So far it found support twice here
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Member Since Jan 13, 2011
27 posts
Jan 07, 2014 at 00:12
A Beautiful clear downtrend for GOLD on the Daily chart from 1434 (28.8.13) to 1180 (31.12.13)
The high of today at 1250 is a key resistance level, if it manages to break it we will have 2 new reversal signals ( cross above 55 moving average + trades outside downward channel)
The first reversal signal was the double bottom we saw at 1180
The high of today at 1250 is a key resistance level, if it manages to break it we will have 2 new reversal signals ( cross above 55 moving average + trades outside downward channel)
The first reversal signal was the double bottom we saw at 1180
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Member Since Jan 13, 2011
27 posts
Jan 07, 2014 at 14:28
How to spot Trends and their Reversals
EURUSD on daily chart is clearly in an uptrend as we see it still trading within its ASCENDING CHANNEL. However we do see reversal signals.
- Double top pattern at 1.3800
- Price recently dropped below 55 Exponential Moving Average
- MACD drops below 0
- Momentum 22 drops below 100
EURUSD on daily chart is clearly in an uptrend as we see it still trading within its ASCENDING CHANNEL. However we do see reversal signals.
- Double top pattern at 1.3800
- Price recently dropped below 55 Exponential Moving Average
- MACD drops below 0
- Momentum 22 drops below 100
Attachments:
Member Since Jan 13, 2011
27 posts
Jan 07, 2014 at 23:43
EURUSD H1 CHART
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Member Since Jan 13, 2011
27 posts
Jan 07, 2014 at 23:48
GOLD H1
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Member Since Jan 13, 2011
27 posts
Jan 08, 2014 at 14:37
Please submit requests for an instrument you would like to be analysed
Member Since Jan 13, 2011
27 posts
Jan 09, 2014 at 08:48
Is this considered a double bottom (as H1 candles failed to close below 1.3560 support) or successful new trend low at 1.3550
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Member Since Jan 13, 2011
27 posts
Jan 09, 2014 at 08:56
GBPUSD H1
Bad sign for current GBPUSD uptrend on HI as we see the formation of double top on 1.6470, with big drop on last candle
Bad sign for current GBPUSD uptrend on HI as we see the formation of double top on 1.6470, with big drop on last candle
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Member Since Jan 13, 2011
27 posts
Jan 09, 2014 at 09:30
OIL FEB Approaching previous downtrend low 92.00, good opportunity to buy at such a strong support with stop-loss a bit below that level?
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Member Since Jan 13, 2011
27 posts
Jan 09, 2014 at 09:37
Good economic news comes out from the US
This should theoretically cause a rise in the dollar(good for the economy good for the currency), but the dollar is usually used as a safe haven, so when good economic news comes out investors feel optimistic and want risky assets with better returns than the dollar, so they sell it and buy other stuff, so it goes down.
So the lesson is good US economic data has an UP and DOWN effect on the dollar. Go figure
This should theoretically cause a rise in the dollar(good for the economy good for the currency), but the dollar is usually used as a safe haven, so when good economic news comes out investors feel optimistic and want risky assets with better returns than the dollar, so they sell it and buy other stuff, so it goes down.
So the lesson is good US economic data has an UP and DOWN effect on the dollar. Go figure
Member Since Jan 13, 2011
27 posts
Jan 09, 2014 at 11:53
The Bank of England and the European Central Bank are both expected to keep monetary policy on hold Thursday. What ECB President Mario Draghi says about low inflation could signal whether the bank expands stimulus at future meetings and move the euro
The Fed in December said it would begin reducing its monetary stimulus, cutting bond purchases to $75 billion in January from $85 billion. The Fed’s bond purchases had been understood to weigh on the dollar.
Oil prices have failed to receive support from the six consecutive weekly declines in crude stocks, as “the larger-than-expected build in gasoline and distillate inventories” also prompted some selling
The Fed in December said it would begin reducing its monetary stimulus, cutting bond purchases to $75 billion in January from $85 billion. The Fed’s bond purchases had been understood to weigh on the dollar.
Oil prices have failed to receive support from the six consecutive weekly declines in crude stocks, as “the larger-than-expected build in gasoline and distillate inventories” also prompted some selling
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