Archive for September, 2006
How to draw a price channel
We use price channel for our forex analysis frequently. Here is an example in August. EURUSD fell from 1.2908 and tested the price channel in August 9, the fall is limited by the price channel and rebounded to 1.2908 area in August 10.
How to draw a price channel
1. Run MetaTrader and press the “Equidistant channel” button on the tool bar.
2. Draw the first line from A to B.
3. Move the second line to C.
Short Term Analysis - September 15, 2006
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AUDUSD
AUDUSD is in correction to the down trend and further rise to 0.7573 and 0.7601 Fibonacci retracement level to reach the next cycle top is possible later today. Down trend would resume after this correction.
Short Term Analysis - September 14, 2006
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USDCHF
USDCHF is topping on 4 hours chart, key support is at 1.2393, a break below this level may label the cycle top at 1.2547 on 4 hours chart. On the other side, the pair stays in the rising price channel, it is in up trend, and further rise above 1.2574 is still possible later today.
Short Term Analysis - September 13, 2006
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USDJPY
As expected, USDJPY broke above 117.87 previous high resistance. Further rise towards the top of the price channel is possible later today. Key support is now at 117.39, only break below the level may delay the up trend.
Short Term Analysis - September 12, 2006
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USDJPY
As expected, USDJPY broke above 117.49 resistance. Further rise above 117.87 previous high resistance to reach the next cycle top is possible in the next couple of days. Key support is at 115.99, only break below this level may signal the reversal to the up trend.
How to use MetaTrader to find market cycle
Price movement is a series of tops and bottoms, the price runs from one bottom/top to another is called a cycle and each cycle has the similar length. MetaTrader has an excellent tool to help you identify the market cycles. Read the rest of this entry »
Short Term Analysis - September 11, 2006
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EURUSD
EURUSD is in down trend and further fall towards 1.2600 level is possible later today. On the other side, the next cycle bottom is nearing on 4 hours chart, rebound to 1.2700 level is needed immediately. Read the rest of this entry »
Short Term Analysis - September 8, 2006
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AUDUSD
Key support at 0.7626 is broken below, AUDUSD will fall towards 0.7550 to reach the next cycle bottom. If 0.7550 support gives way, further fall towards 0.7400 area is possible in the next one or two weeks. Read the rest of this entry »
Short Term Analysis - September 7, 2006
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AUDUSD
AUDUSD is in up trend. The fall from 0.7719 is treated as in correction to the up trend. Further rise above 0.7719 is possible after this correction. Key support is at 0.7626, only break below this level may signal the reversal to the up trend.
Short Term Analysis - September 6, 2006
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GBPUSD
Key support at 1.8956 is broken below, GBPUSD topped at 1.9090 on 4 hours chart. The pair is testing the up trend line support. If the support holds, GBPUSD will bottom here and rebound towards the key resistance at 1.9079. If this trend line support gives way, the pair would fall towards 1.8829 previous low support.
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