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Forexpros.com Daily Analysis - August 14, 2009
Free, Live Forex Webinar!
The 1-2-3 chart pattern
Hosted by: Sunil Mangwani
Date: Fri, Aug 14, 2009, 13:00
A chart pattern is a distinct price formation that creates a trading signal, or a sign of anticipated price movements. Chartists use these patterns to identify current trends and reversals and to set buy and sell signals.
Among the different chart patterns, the 123 pattern is a considered to be an effective and successful pattern.
When the 123 pattern occurs at the end of a trend, it is a strong indication of a change in trend. Since price always moves in waves, this pattern can also be found within a trend and within a trading range.
But one must understand the advantages and drawbacks for any trading technique.
Implementing the technique in the live markets is the crucial part and one must have a trading plan defining the precise entry, stop and exit levels.
Learn how to identify this pattern and set the precise trading parameters of entry, exit and stop levels.
Click HERE to register and watch for free!
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EUR/USD
Charts are setting up for a continuation of Friday's fall. A drop below 1.4145 will confirm. First target is 1.4100 (also support). Further support is lower at 1.4180-1.4160, and a target beyond at 1.4000.
A move back above 1.4260 indicates upward strength and further erosion of Friday's fall. Resistance beyond is 1.4340 and 1.4380.
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USD/JPY
A drop below 96.85 will signal further declines. First target is 96.40, followed by 96.10-96.00. Support beyond is 95.80.
A rise above 97.80 indicates another swing higher. Targets are 98.10 and 98.45-98.55.
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Forex Trading Analysis by: ForexPros.com - Written by Cory Mitchell
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
__________________
Forexpros.com - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved Technical Studies Section.
Free, Live Forex Webinar!
The 1-2-3 chart pattern
Hosted by: Sunil Mangwani
Date: Fri, Aug 14, 2009, 13:00
A chart pattern is a distinct price formation that creates a trading signal, or a sign of anticipated price movements. Chartists use these patterns to identify current trends and reversals and to set buy and sell signals.
Among the different chart patterns, the 123 pattern is a considered to be an effective and successful pattern.
When the 123 pattern occurs at the end of a trend, it is a strong indication of a change in trend. Since price always moves in waves, this pattern can also be found within a trend and within a trading range.
But one must understand the advantages and drawbacks for any trading technique.
Implementing the technique in the live markets is the crucial part and one must have a trading plan defining the precise entry, stop and exit levels.
Learn how to identify this pattern and set the precise trading parameters of entry, exit and stop levels.
Click HERE to register and watch for free!
---
EUR/USD
Charts are setting up for a continuation of Friday's fall. A drop below 1.4145 will confirm. First target is 1.4100 (also support). Further support is lower at 1.4180-1.4160, and a target beyond at 1.4000.
A move back above 1.4260 indicates upward strength and further erosion of Friday's fall. Resistance beyond is 1.4340 and 1.4380.
---
USD/JPY
A drop below 96.85 will signal further declines. First target is 96.40, followed by 96.10-96.00. Support beyond is 95.80.
A rise above 97.80 indicates another swing higher. Targets are 98.10 and 98.45-98.55.
---
Forex Trading Analysis by: ForexPros.com - Written by Cory Mitchell
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
__________________
Forexpros.com - Bringing you live news, analysis advanced charts and quotes.
Check out our new and improved Technical Studies Section.
