Archive For "October, 2008"

Page 2 of 2
October 10, 2008
Technical Analysis ...

10-10-08

3:26a GMT – EUR/USD has had three consecutive days of higher highs and lower lows, but this appears to be a consolidation pattern on the daily and 4h charts as traders look to take profit on their shorts. Pair is moving much more slowly in the upward direction however, while the mid-term trend remains down. Pair has come off oversold levels leaving more room for losses.

Trading Idea: Nearest resistance is at 1.3695 and then 1.3790. Look for bearish reversal signs near these levels with short targets preferred down to 1.3615, 1.3555, and eventually back down 1.3440.

(click to enlarge)

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2 Comments
day trading, EUR/USD, technical analysis, trading ideas
Technical Analysis
October 8, 2008
Free Forex Signals ...

10-08-08

2:25a GMT – Technically the EUR/USD pair is heavily oversold and is showing a possible bullish RSI divergence. Fundamentally, combine that with Bernanke’s comments that make a US rate cut much more likely and I believe we will see a rise in the EUR as US bulls take profit on their positions. We will look to capitalize on this around resistance at 1.3695.

Trading Idea: Overall trend remains down in the mid-term, however highly oversold levels make a short trade too risky at present. Shorts are favored around resistance at 1.3695 with targets back down to 1.3500.

(click to enlarge)

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day trading, EUR/USD, technical analysis, trading ideas
Technical Analysis
October 7, 2008
Technical Analysis ...

10-07-08

3:29a GMT – I thought I would mix it up and give a signal for the GBP/USD since I’ve been giving signals just for the EUR/USD pair for the past few weeks (profitable as they were). GBP/USD has dropped over 1000 pips in the past few weeks and we will stick with the trend. The major risk here is that the pair is oversold and traders will need to cover their shorts at some point. Therefore we will look to sell rallies at 1.7555 resistance.

Trading Idea: Shorts favored at 1.7555 with targets at 1.7465, 1.7405 and 1.7355.

(click to enlarge)

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No Comments
day trading, GBP/USD, technical analysis, trading ideas
Technical Analysis
October 6, 2008
Technical Analysis ...

10-06-08

3:26a GMT – Trend remains to the downside as we broke some major support at 1.3700 and had a decent sized gap bearish about 8 hours ago. I’m looking for support between the gap , at 1.3695 to hold as resistance. Concerns are that we are heavily oversold and pretty far away from the 10- and 14-day moving averages.

Trading Idea: Look for bearish selling signals below 1.3700. Short targets favored down to 1.3615, 1.3550 and 1.3465. If a sustained break of 1.3700 happens look for a rise to 1.3800 and a challenge of 1.4000

(click to enlarge)

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1 Comment
day trading, EUR/USD, technical analysis, trading ideas
Technical Analysis
October 3, 2008
Technical Analysis ...

10-3-08

3:26a GMT – I’m still looking to sell rallies on the EUR/USD pair as another major level of support was taken out yesterday. I do expect some bounce back as the pair hits oversold levels. Next level of resistance on the charts is at 1.4000.

Trading Idea: look for bearish reversal signs and a failure below 1.4000 with short targets favored down to 1.3935, 1.3855 and 1.3755.

(click to enlarge)

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2 Comments
day trading, EUR/USD, technical analysis, trading ideas
Technical Analysis
October 1, 2008
Technical Analysis ...

10-01-08

3:26a GMT – Booked another few hundred pips and on the last trade and looking to continue to sell rallies, this time at 62.8% fibonacci support of the latest drop, currently at 1.4240.

Trading Idea: Look for bearish reversal signs between 1.4240-1.4300; shorts favored with targets at 1.4185 and 1.4100. If resistance is broken look for a return to 1.4300.

(click to enlarge)

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1 Comment
day trading, EUR/USD, technical analysis, trading ideas
Technical Analysis
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