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Archive for September, 2006

How to draw a price channel

Friday, September 15th, 2006

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.

price channel 01.gif

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Short Term Analysis – September 15, 2006

Friday, September 15th, 2006

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AUDUSD

20060915_audusd_1.gifAUDUSD 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.

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Short Term Analysis – September 14, 2006

Thursday, September 14th, 2006

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USDCHF

20060914_usdchf_1.gifUSDCHF 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.

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Short Term Analysis – September 13, 2006

Wednesday, September 13th, 2006

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USDJPY

20060913_usdjpy_1.gifAs 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.

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Short Term Analysis – September 12, 2006

Tuesday, September 12th, 2006

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USDJPY

20060912_usdjpy_1.gifAs 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.

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How to use MetaTrader to find market cycle

Monday, September 11th, 2006

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. (more…)

Short Term Analysis – September 11, 2006

Monday, September 11th, 2006

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EURUSD

20060911_eurusd_1.gifEURUSD 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. (more…)

Short Term Analysis – September 8, 2006

Friday, September 8th, 2006

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AUDUSD

20060908_audusd_1.gifKey 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. (more…)

Short Term Analysis – September 7, 2006

Thursday, September 7th, 2006

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AUDUSD

20060907_audusd_1.gifAUDUSD 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.

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Short Term Analysis – September 6, 2006

Wednesday, September 6th, 2006

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GBPUSD

20060906_gbpusd_1.gifKey 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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