Trade setups and other nonsense from Rob Booker, Currency Trader...
... and Derek Frey, Head Trader at Odom & Frey Futures, FOREX & Options.
Support and Resistance Trading DVD series by Rob Booker and Dave Murphy.
Asian Session: Live Market Analysis
by Dr.S.Sivaraman
November 09, 05:00 GMT
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It’s the weekend, and do you know where your USD/CAD is?
The trendline broke, the trade is open. The stop is down there at the red dashed line, the profit target is the green (base) trendline. This pair is such a dorfwad sometimes; it can break and fake, break and fake, and then finally shoot up to exactly where you would have expected it to go. So expect some grief from this pair along the way. This might be the last trade I take for a while on the pair.
Enjoy your weekend.
We talked about the EUR/USD falling a long time back. Let’s just say that I was way premature in the expectation that the pair could fall. Anyway, it’s finally doing that now, and I’m happy to say that we’ll be following the fall as it goes along.
So, it looks like the pair is on the way down (finally) to the blue trendline. If you want to see more about the origins of that line, you can watch the past videos (they’re short, and fun). If the pair breaks below the lows from Thursday the 17th and Friday the 18th, at about 1.5710, then I’d be willing to go for it.
Sure, it could go back up, but I’m not interested in buy trades on this pair until we get above 1.6000.
Two new trade ideas for today, and a bunch of new ones from yesterday. More updates tomorrow. Hope you’re enjoying the support and resistance trading as much as I am. Also, I want to let you know about the upcoming seminar in Miami. Hope you can join us — Miami is always my favorite place to teach and trade.
The 4 Hour is looking good — although the pair could continue to fall (and that’s fine with me), I would be willing to buy the pair if it can break above recent resistance. This would give us a perfect target of the bottom of the old channel. This move back up to the bottom of the channel would be the Winnipeg move that we didn’t see when the pair first broke outside the channel.
The EUR/USD, which is not my favorite pair to trade, is now inside of a descending channel. A close above the top of the channel will bring us a buy trade, and the targets are already displayed (our Winnipeg lines).
If the pair prints a reversal candle — a doji, a hammer, a pregnant fair, angry bozz, or JarJar Shrinks, then we can go ahead and sell the pair and target the first fibble back inside the channel as our profit target.
