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Archive for July, 2013

Part Three: The 3 Essential Parts of an Elliott Wave Trade

Wednesday, July 17th, 2013

By Elliott Wave International

Would you like to improve your ability to trade — not only with a clear understanding of the Elliott Wave Principle, but also by learning how and when to act on your wave count?
According to Senior Analyst Jeffrey Kennedy, there are the three key components of a successful trade. 

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Daily Forex Analysis – July 17, 2013

Wednesday, July 17th, 2013

USDCAD Analysis.
USDCAD stays in a trading range between 1.0326 and 1.0442. As long as 1.0442 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0608, another fall towards 1.0150 is still possible after consolidation. On the upside, a break above 1.0442 resistance will indicate that lengthier correction of the downtrend from 1.0608 is underway, then further rally to 1.0480 – 1.0500 area could be seen.

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Daily Forex Analysis – July 16, 2013

Tuesday, July 16th, 2013

USDJPY Analysis.
USDJPY broke above 100.00 resistance and reaches as high as 100.48, suggesting that the downward movement from 101.53 had completed. Further rise to test 101.53 resistance could be expected in a couple of days, a break above this level will indicate that the uptrend from 93.79 has resume, then the following upward movement could bring price to 110.00 area. On the downside, as long as 101.53 resistance holds, the rise from 98.27 would possibly be correction of the downtrend from 101.53, one more fall to 95.00 to compete the downward move is still possible.

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Daily Forex Analysis – July 15, 2013

Monday, July 15th, 2013

USDCAD Analysis.
USDCAD remains in downtrend from 1.0608, the rise from 1.0326 is treated as consolidation of the downtrend. Resistance is at 1.0440, as long as this level holds, the downtrend could be expected to resume, and next target would be at 1.0300 area. On the upside, a break above 1.0440 resistance will suggest that the lengthier correction of the downtrend is underway, then the target would be at 1.0480 – 1.0500 area.

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The 3 Essential Parts of an Elliott Wave Trade [Book Excerpt Part 2 of 3]

Friday, July 12th, 2013

By Elliott Wave International

Three steps may sound simple enough. Yet if you have any experience trading, you know that nothing about trading is easy. Education is imperative. So is preparation.

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Daily Forex Analysis – July 12, 2013

Friday, July 12th, 2013

AUDUSD Analysis.
AUDUSD failed to break above 0.9344 key resistance and stays in a trading range between 0.9037 and 0.9344. As long as 0.9344 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0582 (Apr 11 high), another fall towards 0.8500 could be expected after consolidation. On the upside, a break above 0.9344 resistance will indicate that the downtrend had completed at 0.9037 already, then the following upward movement could bring price to 0.9800 zone.

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Daily Forex Analysis – July 11, 2013

Thursday, July 11th, 2013

AUDUSD Analysis.
AUDUSD’s upward movement from 0.9037 extends to as high as 0.9297. Further rise to test 0.9344 resistance is still possible, as long as this level holds, the rise could be treated as consolidation of the downtrend from 1.0582 (Apr 11 high), another fall towards 0.8500 is still possible after consolidation. On the upside, a break above 0.9344 key resistance will suggest that the downtrend from 1.0582 had completed at 0.9037 already, then the following upward movement could bring price back to 0.9800 zone.

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Daily Forex Analysis – July 10, 2013

Wednesday, July 10th, 2013

USDCAD Analysis.
USDCAD is facing the support of the upward trend line on 4-hour chart. As long as the trend line support holds, the fall from 1.0608 could be treated as consolidation of the uptrend from 1.0137, one more rise to 1.0700 area to complete the upward movement is still possible. On the downside, a clear break below the trend line support will indicate that the uptrend from 1.0137 had completed at 1.0608 already, then the following downward movement could bring price back to 1.0300 zone.

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Daily Forex Analysis – July 9, 2013

Tuesday, July 9th, 2013

AUDUSD Analysis.
AUDUSD moves sideways in a narrow range between 0.9037 and 0.9180. The price action in the range is likely consolidation of the downtrend from 0.9344. Another fall to test 0.9037 support could be expected, a break down below this level will signal resumption of the downtrend, then next target would be at 0.8950 area. On the upside, a break above 0.9180 resistance will suggest that lengthier consolidation of the longer term downtrend from 1.0582 (Apr 11 high) is underway, then further rally to 0.9270 area could be seen.

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Daily Forex Analysis – July 8, 2013

Monday, July 8th, 2013

USDCHF Analysis.
USDCHF’s upward movement from 0.9130 extends to as high as 0.9664. Support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and further rise towards 0.9800 area could be seen over the next several days. On the downside, a clear break below the trend line support will suggest that consolidation of the uptrend is underway, then the pair will find support around 0.9450.

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