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Archive for August, 2012

How Does a Trader Who Runs from Risk Achieve THIS Track Record?

Friday, August 31st, 2012

By Elliott Wave International

In the late ’70s, Peter Brandt emptied his trading accounts several times. He’d lose a string of trades, then refund his account, then "wipe out" all over again.

But he persisted because he knew he was meant for a trading career. His determination paid off.

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Daily Forex Analysis – August 31, 2012

Friday, August 31st, 2012

EURUSD Analysis.
EURUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that lengthier consolidation in the range between 1.2465 and 1.2589 is underway. Key support is at 1.2465, as long as this level holds, the price action in the range is treated as consolidation of the uptrend from 1.2241, and another rise towards 1.2700 is still possible. On the downside, a breakdown below 1.2465 could signal completion of the uptrend from 1.2241, then further decline to 1.2400 area could be seen.

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Daily Forex Analysis – August 30, 2012

Thursday, August 30th, 2012

EURUSD Analysis.
EURUSD trades in a range between 1.2465 and 1.2589. The price action in the range is likely consolidation of the uptrend from 1.2241. Initial support is at the lower line of the price channel on 4-hour chart, followed by 1.2465, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.2700 is still possible. On the other side, a breakdown below 1.2465 will suggest that lengthier consolidation of the uptrend from 1.2042 is underway, then deeper decline to 1.2400 area could be seen.

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Daily Forex Analysis – August 29, 2012

Wednesday, August 29th, 2012

EURUSD Analysis.
EURUSD fails to break below the lower line of the price channel on 4-hour chart, and rebounds from 1.2465, suggesting that a cycle bottom is being formed. Initial resistance is at 1.2589, a break above this level will indicate that the uptrend from 1.2241 has resumed, then further rise towards 1.2700 area could be seen. Support remains at the lower line of the channel, only a clear break below the channel support could signal completion of the uptrend, then deeper decline to 1.2400 area could be expected.

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Daily Forex Analysis – August 28, 2012

Tuesday, August 28th, 2012

EURUSD Analysis.
EURUSD has formed a cycle top at 1.2589 on 4-hour chart. Deeper decline would likely be seen, and the target would be at the lower line of the price channel. As long as the the channel support holds, the fall from 1.2589 is treated as consolidation of the uptrend from 1.2241, and another rise towards 1.2800 is still possible. On the downside, a clear break below the trend line support will indicate that lengthier consolidation of the uptrend from 1.2042 is underway, then further fall to 1.2400 area to complete the consolidation could be seen.

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Daily Forex Analysis – August 27, 2012

Monday, August 27th, 2012

GBPUSD Analysis.
GBPUSD’s fall from 1.5911 extends to as low as 1.5797, suggesting that a cycle top has been formed on 4-hour chart. Deeper decline to test the support of the upward trend line would likely be seen. As long as the trend line support holds, the fall could be treated as consolidation of the uptrend from 1.5490, and another rise towards 1.6000 is still possible. On the other side, a clear break below the trend line will indicate that the rise from 1.5490 has completed at 1.5911 already, then the following downward move could bring price back to 1.5400-1.5500 area.

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U.S. Economy: The Financial Tectonic Plates Are Shifting Once Again

Saturday, August 25th, 2012

By Elliott Wave International

History books call the period after the War of 1812 "The Era of Good Feelings."

America was a young nation that had a sense of purpose. National political strife was at a minimum; optimism was in the air.

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Daily Forex Analysis – August 24, 2012

Friday, August 24th, 2012

AUDUSD Analysis.
AUDUSD is facing 1.0410 support again, a breakdown below this level will indicate that the downtrend from 1.0612 has resumed, then another fall to 1.0300 area could be seen. However, as long as 1.0410 support holds, one more rise to test 1.0612 previous high resistance is still possible, a break above this level will signal resumption of the longer term uptrend 0.9581 (Jun 1 low), then further rise towards 1.0800 could be expected.

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Daily Forex Analysis – August 23, 2012

Thursday, August 23rd, 2012

AUDUSD Analysis.
AUDUSD fails to break below 1.0410 support, and rebounds to as high as 1.0543, suggesting that a cycle bottom has been formed on 4-hour chart. Further rise to test 1.0612 previous high resistance could be expected, a break above this level will signal resumption of the longer term uptrend from 0.9581 (Jun 1 low), then next target would be at 1.0800 area. Support remains at 1.0410, only break below this level could trigger another fall towards 1.0300.

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Daily Forex Analysis – August 22, 2012

Wednesday, August 22nd, 2012

USDCAD Analysis.
Being contained by 0.9799 (Apr 27 low) support, USDCAD rebounds from 0.9842, suggesting that a cycle bottom has been formed on 4-hour chart. Further rally could be expected over the next several days, and the target would be at 0.9950-1.0000 area. However, the rise from 0.9842 is treated as consolidation of the longer term downtrend from 1.0445 (Jun 4 high), another fall towards 0.9600 is still possible after consolidation, and a breakdown below 0.9842 could signal resumption of the downtrend.

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