Forex Trading Signal Week #4 2010
February 2, 2010 by Kelvin
Filed under Forex Signals
Did you take the EURUSD trade that I have suggested last week. If you had entered 3 lots like me, you should now exit your last lot instead of waiting for the last target because it seems like the 5th Elliot wave pattern has been completed.
If you had followed me with this trade, you would have made a total of 500 pips by now. Congrats to those of you who made it.
Below are the signal for this week. Hope you can make money too!
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
The trend on the weekly chart for this pair is still going down with the continuous good angle and separation of the various EMAs. The steepness of the EMAs also indicate that this down trend is pretty strong.
On the daily chart, the 100 EMA is going to cross down the 200 EMA after all the EMAs have been trending upward since 10th April 2009. This is a good indication that the GBPJPY has completed the retracement and is now looking to move in the direction of the trend.
On the hourly chart, the trend continues to look down as the EMAs are all stacked downward nicely with good angle and separation.
Forex Technical Analysis
The price of this pair has been successfully resistance by the Fibonacci level at 145.809 and a candle has been formed below the level. The MACD is below the waterline indicator a downtrend in action and the stochastic is still pushing down.
As for the daily chart, the price is currently testing the fibonacci level at 145.307. The MACD histogram looks like it is going to flip up with the stochastic reaching the oversold zone and is now moving up.
On the hourly chart, the price is hold by the 0.382 fibonacci level at 145.014 and the MACD histogram is shrinking and looks like it is crossing over to the bottom side. The stochastic is currently at the overbought zone and is looking to punch down.
GBPJPY Weekly
GBPJPY Hourly
Overall Forex Analysis
The overall trend is down and I will enter SHORT when the price goes below 144.642. I will exit one lot at 143.807 which is the Fibonacci support level and then exit the other lot at 142.201 which is the run of the full fibonacci extension on the hourly chart.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
The trend on the weekly chart is still up with the good separation of the EMAs. As for the daily chart, the 100 EMA is curling down toward the 200 EMA signaling a possibility of a down run. As for the hourly chart, the EMAs are all stack nicely downward signaling a down run.
Forex Technical Analysis
On the weekly chart, the stochastic is oversold but the MACD and its trigger line are still punching down with good separation between them showing the strength of this downward movement.
On the daily chart, the stochastic is currently oversold and the price is held by the Fibonacci 1.382 extension at 1.38703. However the full extension is expected to be up to 1.36551.
As for the hourly chart, the price has reached the full run of the 5th wave. The price is currently held by a resistance level at 1.39254.
EURUSD Weekly
EURUSD Daily
EURUSD Hourly
Overall Forex Analysis
For the EURUSD, it has just completed the full 5th Elliot wave movement and maybe looking to form a correction wave. So you have to caution when entering trades. For this week, the price may be moving up due to the correction and retracement and I will not be entering any trade for this pair.
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