Weekly Forecast (FX)

Sunday, November 14, 2010

Weekly Forecast (FX)

for 15-Nov-2010 (Mon)

EUR/USD

Market has move in favour, however, I didn't get my Short entry of 1.4180, high of this week is 1.4084 only.
However, for traders who practice initial shadow entry, this is a very good method if you practice for 5 trading days.

Monday: Short 1.4073, close at 1.3917 (day range) + 156 pips
Tuesday: Short 1.3956, close at 1.3800 (day range) + 156 pips
Wednesday: Short 1.3807, close at 1.3780 (EOD) + 27 pips
Thursday: Short 1.3817, close at 1.3670 (EOD) +147 pips
Friday: Short 1.3703, Triggered SL 1.3767 (High 1.3776) -64 pips

This backtest is run on Russian Hour (GMT+1), taking opening and closing price as Broco Trader, MT4 Platform.
I am proud with the result. Result: +422 pips

For those who wants to learn Initial Shadow entry, and learn how to use multiple trading method to enter and make unlimited profit from the market, contact APSRI Traders. I am always proud to say that DAR Wong is my Sifu and Mentor JC has been the best-est mentor to guide me on my trading journey.

What's Next for EUR/USD?

Friday Closing: 1.3689

R2: 1.3930

R1: 1.3810

S1: 1.3460

S2: 1.3334

Pressure to send EUR/USD down!

Market has showed us sign of consolidation, early next week expect consolidation to continue so best to place your short at R1, if market has moved higher, next level to short is 1.3930. Profit Target at S1: 1.3460, followed by 1.3334.

GBP/USD

It was a Swing Swing week on GBP/USD.
It has broke below 1.6150, close at 1.6111 for the week, but market continue to swing in 1.6200 - 1.5950.

Clue 1:

GBP/USD found support at 1.5949, 1.5983.

Zoom into 4 hour chart, without breaking below 1.5950, and break triple top 1.6185, GBP/USD will travel higher to break 1.6295 and eventually hit my target 1.6350 then 1.6450.

Same as previous week, stay out and waiting for correction phase to end.

Remember mentor JC said: Trading the Extension Wave! it is most profitable and stress free.

USD/JPY

Remember I said to Long when EMA4 + EMA20 cross?
It has happened and I am looking forward for USD/JPY to come out from the down trend.

Fighting to break above the resistance, fighting to break away from the down trend is a long journey + not easy.
I am very happy for the market to make another white candle on the Weekly Chart :)

I think Friday low of 81.63 has killed many traders who wished to Long.
For me to always wanted to long at 81.50, I didn't get my entry too.

Resistance: 82.80
Support: 81.50

Breaking above 82.80, USD/JPY is gonna head to my target price of
TG1: 83.15
TG2: 84.50

Failing to do so, it would come back to 81.50 as well as 80.50.
Strong support 80.20.

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