Tagged "fibonacci"

September 5, 2008
Technical Analysis ...

9-5-08

3:26a GMT – As the EUR/USD broke through strong support once again, we need to back out all the way to a monthly chart to take a look at where this might go next. The answer: the EUR/USD has more room to fall with the next major support at 1.4000 at the intersection of the 50% Fibonacci level (from the July 2005-March 2008 rise), the monthly trend support and a large round number.

Trading Idea: Look to sell rallies on shorter term charts down to 1.4000.

(click to enlarge)

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day trading, EUR/USD, fibonacci, monthly, support, technical analysis, trading ideas
Technical Analysis
May 23, 2008
Technical Analysis ...

5-23-08

9:15a GMT – GBP/JPY is looking to bounce of double-strong support of: a) 38.2% fibonacci retracement of 202.8-206.5, and b) strong former resistance and now support at 205.00. See chart below. Fib is light blue and support is dark blue. Also RSI is touching strong channel support as well (green line on RSI chart). Slow SS is also flipping up on 60M.

Trading Idea: I expect pair to dip down to 205 (current price is 205.36) before heading back up. I would wait for a bullish candlestick in this area to confirm the trade and then enter long with targets at 206 and 206.5. If support is broken look for 204.70 (50% Fibonacci) and 204.25 (61.8% Fibonacci).

Result: -50 pips

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31.8%, day trading, fibonacci, GBP/JPY, RSI, slow ss, support, technical analysis, trading ideas
Technical Analysis
May 21, 2008
GPD/USD Technical Anal...

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5-21-08

7:27a GMT – GPD/USD is approaching 38.2% Fibonacci support from the 5/19 – 5/20 250 pip rise. I’d like to see a long candlestick or even a bullish doji before entering this trade as the appears appears to be on its way back down to channel bottom.

Trading Idea: Look for candlestick to confirm bullish bounce. Doji my preferred signal.

Result: +180 pips

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38.2%, channel, day trading, fibonacci, GPD/USD, support, technical analysis, trading ideas
Technical Analysis

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