Monday, August 16, 2010

Weekly Forecast

another 4 hour to market open...


Weekly candle - bearish engulfing reversal sign with resistance at 1.6000 region (6/8/2010 High).  Closing the weekly candle at 1.5586.

This pair may continue to fall in the beginning of the week. Current support 1.5560, next support 1.5460.
Aggressive Long Trades: Suggest to pick Long at 1.5500 region with SL slighly below this support 1.5450.
If this support cannot hold, the next support will be S2 @ 1.5169.

By mid of the week, good to hunt for short at resistance 1.5680, or 1.5740 (more likely to happen).
Short Trades: I would prefer to plant shorts at 1.5740 region, and/or wait for reversal sign near this level.


Weekly candle --- Long bodied Black Candle!  Stochastic crossed down.  Bearish!

No reversal sign from bottom yet... not sure how far this pair can go down....
Supports: 1.2700, 1.2450.
Hope that it can go up a little bit for me to plant shorts.... ^___^
1st Resistances: 1.2930
2nd Resistance: 1.3030
Target Exit: 1.2750, 1.2500.


Not the type of market I know how to trade yet....
Weekly stochastic very low and crossed up.
... will post my trades if there are trades ...