Forex Technical Update 10/04/2010 The EUR/USD is sliding to start the week, ahead of ECB’s policy decision on Thursday. The GBP/USD is in consolidation ahead of BoE’s meeting on Thursday, but is showing a bullish bias today. The decline in USD/JPY is stalling above 83.00, with the BoJ looking to conclude its meeting in the upcoming Asian session. The USD/CAD broke below last week’s range support, and is heading to more significant support levels. The AUD/USD pair may be forming a double top in the short-term ahead of the RBA’s policy statement in the upcoming Asian session. The event risks are complicated by Friday’s NFP, so there may be a choppy week ahead. Let’s take a look at these charts. Fan Yang CMT www.fxtimes.com
What Are The Most Studied or you simple things in Technical Analysis Knew That You Can Use in Forex trading?, Of course MOST events will answer this Without thinking about it, trend lines, resistance and support points and moving averages. The more professional traders will think more about it and Would answer “Yes, trend lines, resistance and support points and moving averages But Who Can Use Them Alone successfully in trading FOREX. ?? Here it is my turn to answer, trend lines, resistance and support points and moving averages Are the best Simplest Ways to Achieve Success in trading FOREX and keep the area always positive. ?? Just to make it simple we Need first to state the definition of These tools and Later to know how to use and Apply Them To Our chart in order to Succeed FOREX and build a real fortune. ?? 1. Trend Line: Trend line is the line That We Can Draw Between Two more price tops or bottoms or whatever on a chart Was the type of the chart “linear, bars or candlesticks”, this line Itself Which Could Be an uptrend line Which Is Being entre drawn in a bullish market bottoms and it Becomes a good support if the price goes south again or a downtrend line drawn entre Which Is Being tops on the price chart is down and when to market it as a resistance Considered the price when to up turns to direction . Note: The line Which touches more tops or bottoms is more Stronger and the signal produced by it is more reliable. ?? 2. Channel Trend: A trend channel is The Space Between two lines, the trend line and a line parallel to it Which is always drawn on the Opposite side of the trend line is drawn so it tops entre in an up trend or direction in a bottoms-through Movement bearish price. The trend channel Requires some conditions to Give an Accurate signal, the MOST important are: To Be a wide channel, more WIDER more reliable and to last more longer. ?? 3. Moving Average: Moving average is a Mathematical average of set of prices we can say That a simple moving average (SMA) with value of 5 and Applied to close is the sum of close prices for 5 moving bars on the chart Divided to 5 (eg . the average of Friday is the sum of the previous 5 days’ week “on a daily chart Divided to 5, while Thursday’s average is the sum of the 5 days before Divided to 5 and so, the moving average is the line Which pass through These averages points “, the MOST important condition for reliability is STI STI value, more great value more reliable moving average. Note: I suggest using More Than One moving average, 2 or 3 are accepted.???? 4. Support And Resistance Points: Support points Are the price points tested Were More Than Two Times When Price was going south and it Could not pass it, support points Are Completely the Opposite. These points Are Being Used to measure the probability of turning at mean price points, These Can Be DECIDED points by using “pivot points, fibonacci rates….. etc.” Note: The more times price touches a point and turn ITS Stronger direction the more it is.?? How Can We Apply this to chart and get money, I’ll summarize this in the Following chart image, it Explains Itself, it’s a chart for GBP / JPY, return signal WAS 1000 + pips in 2 days :???? Three Were going south moving averages, trend line WAS broken “price in green circle” to support good point. “23 WAS Nearly 6% fibonacci broken”, strong signal, yes?? For the chart please visit moneytecThe best resource for FOREX trading is MoneyTec MoneyTec,? – Active Traders Community Forum, Chat. MoneyTec is an online trading community That Promotes mature, intelligent Respectful & & positive discussion in a safe environment for everyone.
Forex Technical Update 9/24/2010 Fan Yang CMT www.fxtimes.com I am going to go over some Japanese –Yen crosses. The USD/JPY is hovering above 84.00. The Euro is strong and rallying against the Yen. The Sterling lost to the yen, but is in a bullish attempt by the end of the week. The AUD/JPY topped off, but has not confirmed the topping action. The CAD/JPY declined most of the week, but is supported above the previous consolidation zone. As expected since the intervention, the CHF/JPY is indeed the only one with a bullish attempt. By week’s end however, the Japanese yen pared some of the week’s losses.