6 Responses to “Forex Levels to Watch (Week of Jun 22-26, 2009)”

1. on 21 Jun 2009 at 4:57 pm1Patrick F. Brown

   Mr Chen:

   EUR/USD
   I do somewhat agree with your support and resistance numbers, but I believe the support level is 1.3712, and support at 1.3900. I do see a massive drop of 250 t0 400 pips this week. What do you think.

2. on 22 Jun 2009 at 8:50 am2ivanbearsh

   I agree with u James..
   I also want to add…that in eurusd daily chart..is more likely waiting for 1.3750 to be break out…coz I see a Three Falling Peaks pattern….target maximum is 1.3152…50% target is @ 1.3448…

3. on 22 Jun 2009 at 4:42 pm3James Chen

   Hi Patrick,

   Thanks for visiting and for your comment! I am looking for breaks of certain levels. To the upside, I am looking for a break of the triangle upper border. To the downside would be the 1.3750 price region. Neither of these has occurred as of yet. Thanks, Patrick!

   - James Chen

4. on 22 Jun 2009 at 4:45 pm4James Chen

   Hi Ivan,

   Thanks for your comments and analysis! Yes, to the downside, I am watching 1.3750 very closely. Your analysis is always welcomed. Thanks, Ivan!

   - James Chen

5. on 22 Jun 2009 at 9:34 pm5Mike

   James -

   I played the usd/jpy last week - went long at $95.90 and sold at $96.50. I went long this morning at $95.85 and I’m looking to get a pop to 96.50 or better. AM I playing with fire or picking up an oversold pair at these levels?

   Mike

6. on 23 Jun 2009 at 5:47 pm6James Chen

   Hi Mike,

   Thanks for your question! I would say that whatever works consistently for you, as long as you incorporate good risk management, is an acceptable strategy. You must have had some reason for getting into and out of those trades - as long as those reasons are sound, and again, if it works consistently for you and you control your downside, I would say it’s a good thing. From your description of your trades, it seems that you are a countertrend swing trader, at least for the last two trades. Many people trade like this, and it works for many traders. For me, I would go for higher probability trades in the direction of the trend, but different traders have different approaches. So to go back to your original question, do I think that you are playing with fire? Very hard to say since I don’t know your exact trading strategy. But as long as your approach is prudent and you manage losses, you should be ahead of the game. Thanks, Mike!

   - James Chen

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