Talking Points Breakout traders should first find support & resistanceEntries can be set as close as 1 pip above these valuesSupport and resistance can also be used for managing a position Scalpers have a variety of choices when it comes to an execution strategy. This decision should be decided after carefully evaluating current market conditions for the currency pair of their choosing. Today we will continue the Definitive Guide to Scalping ...
First, before you can trade a price channel, you need to identify on your graph. This process can be done relatively easily using basic technical analysis. Traders should first identify and connect a series of highs and lows on your graph. Below we can see an example of this process on a EURAUD 4Hour chart. Notice how resistance has been formed by connecting the two previous highs to form a ascending line of resistance. Since resistance is rising, this means support should be rising as well as with ...
Talking Points: USD/CHF Technical Strategy: Long at 0.9068Support:0.9332, 0.9272, 0.9223Resistance: 0.9429, 0.9526, 0.9586 The US Dollar soared to a 12-month high against the Swiss Franc after turning higher as expectedhaving put in a Bullish Engulfing candlestick pattern. A daily close above the 100% Fibonacci expansion at 0.9429 exposes the 123% level at 0.9526. Alternatively, a reversal back belowthe 76.4% Fib at 0.9272 opens the door for a test of the61.8% expansionat ...
Talking Points: GBP/JPY Technical Strategy: FlatSupport: 171.79, 171.26, 170.61Resistance: 172.64-83, 173.33, 174.01 The British Pound is attempting to overturn the down trend initiated against the Japanese Yen in early July above the 175.00 figure. Near-term resistance is in the 172.64-83 area, marked by the 38.2% Fibonacci expansion and a falling trend line. A break above that on a daily closing basis exposes the 50% level at 173.33. Alternatively, a turn below ...
Talking Points: USD/JPY Technical Strategy: FlatSupport: 103.53, 103.05, 102.75Resistance: 104.00-12, 104.30, 104.54 The US Dollar is hovering near the highest levels in five months against the Japanese Yen after rallying the most since mid-March earlier in the week. A daily close above the 104.00-12 area marked by the 123.6% Fibonacci expansion and the April 4 swing high exposes the 138.2% level at 104.30. Alternatively, a turn below the 100% Fib at 103.53 opens ...
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