Pierre DuPlessis on June 18, 2013
Hi every oneHope my all well.
I went a away for a long weekend as we had a bank holiday here yesterday and only switched on my computer this morning…..
O man that felt so good, no computers or phones for 4 days.
Truth saying for the week:
` Imagination is the only weapon in the war against the reality` – Jules de Gautier
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`Red Flag ` News that can move the market this week:
Loads and loads this week. So be careful and trade around the important news announcements. Have a look at http://www.dailyfx.com/calendar for the dates and times the news will come out.
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Let`s have a look at some charts for the week. Please take note of the time frame.
1) Euro Index on the 4 hour chart:
Notes: Remember that the following pairs make out the `Euro Index Basket`: The Euro/Dollar, Euro/JPY, EURO/GBP and the EURO/CHF. Use the `Euro Index` for extra confirmation and information to trade the basket pairs.
Price is currently in a triangle on the 4 hour chart with the mother in law at 108.37. I think last week’s JPY pairs made this chart go all over the place.
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2) Euro/USD on the 4 hour chart:
Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: 1.3283 to 1.3228
Potential area to look for reaction: 1.3266….even 1.3300
Stochastic: Open but in no man`s land
MACDEE Divergence: YES.
Notes: Wait for price to come to you. Remember to use the Euro Index for confirmation.
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3) Euro/JPY on the 4 hour chart:
Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short Potential trading zone: 128.12 to 129.70
Potential area to look for reaction: 127.83 and 128.74
Stochastic: Open but in no man’s land
MACDEE Divergence: Yes
Notes: This pair is positive correlated (moving in the same direction) as the Euro/Dollar pair. Be careful to take trades on both pairs at the same time! __________________________________________________________________
4) Euro/GBP on the 4 hour chart:
Notes: Price is in a triangle on the 4 hour chart. Keep your yes on 0.8535 as a top and 0.8452 as a bottom this week.
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5) GBP/USD on the 4 hour chart:
Price is above the 200 EMA
34 EMA (sky) is above the 55 EMA (earth)
Direction: Long
Potential trading zone: 1.5619 to 1.5555
Potential area to look for reaction: 1.5593
Stochastic: Overbought
MACDEE Divergence: Yes
Notes: Possible double top at 1.5748 – if we close under 1.5593 we can drop to 1.5524…and even as far as 1.5400. So be careful.
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6) GBP/JPY on the 4 hour chart:
Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: 150.66 to 152.44
Potential area to look for reaction: 150.26 and 151.34/80
Stochastic: No man’s land
MACDEE Divergence: NO
Notes: Wait for price to come to you.
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7) AUD/Dollar on the Daily chart:
Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: 0.9854 to 1.0118
Potential area to look for reaction: 0.9740 (38.2 fib and 4 hour 200 EMA) and 0.9824/54
Stochastic: Trending up
MACDEE Divergence: Yes
Notes: Keep your eyes on the 0.9740 level.
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8) AUD/JPY on the 4 hour chart:
Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: 91.38 to 92.62
Potential area to look for reaction: 92.00
Stochastic: No man’s land
MACDEE Divergence: No
Notes: We already had a 50% fib entry yesterday. Potential profit take at 89.00
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9) USD/CHF on the 4 hour chart:
Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: 0.9276 to 0.9347
Potential area to look for reaction: 0.9297
Stochastic: No man’s land
MACDEE Divergence: No
Notes: If price close above 0.9297 we can jump to 0.9400. Be careful.
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10) USD/JPY on the 4 hour chart:
Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: 96.54 to 97.92
Potential area to look for reaction: 96.36/54
Stochastic: Open and trending up
MACDEE Divergence: Yes
Notes: Wait for price to come to you.
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11) USD/CAD on the Daily chart:
Notes: I will be careful with this one. Looks like we can range between 1.0229 and 1.0122. Take note of the video clip why.
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12) USD Index on the 4 hour chart:
Price is under the 200 EMA
34 EMA (sky) is under the 55 EMA (earth)
Direction: Short
Potential trading zone: 81.26 to 81.67
Potential area to look for reaction: 81.32/68
Stochastic: No man’s land
MACDEE Divergence: Yes
Notes: Wait for price to come to you. If 81.32 breaks to the upside…..look at 81.68 for resistance.
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Please remember we are NOT a “tipping service.” What we aim to teach you here at fxmentorpro is how to look for trades for yourself using different methods.
Have a good one mates………be careful this week!!!
Pierre