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Archive for November, 2012

Access Your Free Lessons on Using Powerful Technical Methods to Find Trading Opportunities

Wednesday, November 21st, 2012

Today, more and more independent investors and traders are looking at charts and using technical indicators to make their decisions. They have come to realize that chasing news events, earnings announcements and economic reports might work sometimes, but more times than not a news event that sends a stock up one day will cause it to drop back down the next.

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Get a Second Opinion on Your Trades with a 5-Chart Example

Wednesday, November 21st, 2012

By Elliott Wave International

If you’ve ever considered a major medical procedure, you likely know the importance of a second opinion. Even if your doctor or specialist is experienced and strongly recommends a certain course of action, it’s still risky to make a critical health decision based on one person’s view.

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Daily Forex Analysis – November 21, 2012

Wednesday, November 21st, 2012

USDCAD Analysis.
USDCAD is facing the support of the lower line of the price channel on 4-hour chart, a clear break below the channel support will suggest that the trend from 0.9632 (Sep 14 low) has completed at 1.0055 already, then deeper decline to test 0.9874 key support could be seen. On the upside, as long as the channel support holds, the fall from 1.0055 could be treated as consolidation of the uptrend, and another rise towards 1.0100 is still possible after consolidation.

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Daily Forex Analysis – November 20, 2012

Tuesday, November 20th, 2012

USDCAD Analysis.
USDCAD breaks below 0.9980 support, suggesting that a cycle top has been formed at 1.0055 on 4-hour chart. Further decline would likely be seen, and next target would be at the lower line of the price channel on 4-hour chart. As long as the channel support holds, the fall from 1.0055 could be treated as consolidation of the uptrend from 0.9632 (Sep 14 low), and one more rise towards 1.0100 is still possible after consolidation. Key support is at 0.9874, only break below this level could signal completion of the uptrend.

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Daily Forex Analysis – November 19, 2012

Monday, November 19th, 2012

AUDUSD Analysis.
AUDUSD bounces from 1.0287, suggesting that consolidation of the downtrend from 1.0480 is underway. Key resistance is located at the upper line of the price channel on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to resume, and another fall towards 1.0200 is still possible. However, a clear break above the channel resistance will indicate that the downtrend from 1.0480 has completed at 1.0287 already, then the following upward movement could bring price back to test 1.0480 resistance.

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Which Works Best — GPS or Road Map? (Part 2)

Saturday, November 17th, 2012

By Elliott Wave International

(Part 1 of this article is posted here.)

A Quick Road Map of Wave Analysis

For this overview of wave analysis, I have borrowed from the "Cliffs Notes" version that we provide for free to anyone interested in learning about wave analysis. It’s called Discovering How To Use the Elliott Wave Principle.

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Daily Forex Analysis – November 16, 2012

Friday, November 16th, 2012

EURUSD Analysis.
EURUSD’s bounce from 1.2661 extends to as high as 1.2801, and is now facing the resistance of the upper line of the downward price channel on 4-hour chart. As long as the channel resistance holds, the bounce could be treated as consolidation of the downtrend from 1.3138, and another fall towards 1.2500 is still possible after consolidation, and the downtrend could be expected to resume after touching the channel resistance, only a clear break above the channel resistance will indicate that the downward movement is complete.

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Which Works Best — GPS or Road Map? (Part 1)

Thursday, November 15th, 2012

By Elliott Wave International

Some of the best stories about global positioning systems (GPS’s) are the weird detours they sometimes recommend to drivers. Just like some of the weird detours that financial markets can make you take when you think they would be better off going in a straight line either up or down, depending on how you’ve positioned your trades.

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Daily Forex Analysis – November 15, 2012

Thursday, November 15th, 2012

GBPUSD Analysis.
GBPUSD continues its downward movement from 1.6174, and the fall extends to as low as 1.5836. Resistance remains at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.5800 area. On the upside, a clear break above the trend line resistance will indicate that consolidation of the downtrend is underway, then sideways movement could be seen to follow.

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Daily Forex Analysis – November 14, 2012

Wednesday, November 14th, 2012

AUDUSD Analysis.
AUDUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.0236, and the price action from 1.0480 is treated as consolidation of the uptrend. Support is located at the lower line of the price channel, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 1.0500 is possible after consolidation. On the downside, a clear break below the channel support will suggest that the uptrend from 1.0236 had completed at 1.0480 already, then the following downward movement could bring price back to 1.0200 zone.

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