Forex Trading Signal Week #1
July 30, 2009 by Kelvin
Filed under Forex Signals
After writing for my blog for so long, I think it will better benefit the readers if I can share with you how I analyze my trading every week. I will try my best to post my weekly analysis every week.
1) EUR/USD
General Outlook
- Daily Chart: For the EUR/USD pair Daily chart, the EMAs are all flattening out and there is no obvious trend to trade.
- Hourly Chart: The EMAs are starting to stack down and this will give us a good downtrend signals.
Technical Analysis
- Daily Chart: The stochastic are overbought and is starting to punch down with the MACD cutting down the trigger line with histogram flipping downside. This should give us a downtrend signals
- Hourly Chart: The stochastic have pass the 50 mark and is now going to cut down. This is further enhance as the MACD is also going to cut down the trigger line. This is a signal of a down movement.
Daily Chart
Hourly
Overall Analysis
- I will go “Short” for the EUR/USD pair.
2) GBP/JPY
General Outlook
- Daily Chart: Starting from the Daily chart, after a long period of downtrend, the 200EMA (Black), 100EMA (Blue) and 50EMA (Red) started to flatten out. There is no visible trend on this time frame.
- Hourly Chart: As for the Hourly chart, the 200EMA, 100EMA, and the 50EMA started to stack up which means that this timeframe is showing an uptrend.
Technical Analysis
- Daily Chart: The stochastic for the Daily chart is moving upward with pretty good angle and separation while the MACD is neutralizing after a hugh down movement.
- Hourly Chart: The stochastic for the Hourly chart is already seriously overbought and MACD is signaling upward with good angle and separation.
Daily
Hourly
Overall Analysis
- For the GBP/JPY pair, I will try to look for opportunity to go “Long”. But the current stochastic for the hourly chart is seriously overbought and I will try to enter trade when the stochastic has move below the 50 mark and curve upwards.
3) USD/JPY
General Outlook
- Daily Chart: The EMAs are flattening as per the above two pairs. This again gives us no trend to trade with.
- Hourly Chart: The EMAs are stacking upwards with good angle and separation. This gives us an uptrend signal.
Technical Analysis
- Daily Chart: Stochastic is punching up with good angle and separation and the MACD is also angling up with good angle and separation.
- Hourly Chart: Stochastic has cut upwards with good angle and separation and MACD also punch upward.
Daily
Hourly
Overall Analysis
- From the technical analysis and the EMAs, I will go for “Long” trade but I will only enter when the stochastic went oversold.
Hope you can benefit from this forex trading signals.
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