Forex Trading Signals Week #7

1) Forex Analysis For GBPJPY

The price has punched down for about 900 over pips since the breaking news that I posted on the 27 August. Hope that you have profitted from the news. If you are a position trader and has been holding on the your position till today, you will have make good profit and this will give me the motivation to continue posting more forex signal.

Forex Trend Analysis

Weekly Chart: The EMAs are stacked downward indicating a downtrend

Daily Chart: The EMAs are stacked downward except for the 100 EMA which is closed to the 200 EMA. However the EMAs as a whole are stacked in downside manner indicating a downtrend

Hourly Chart: The EMAs in the hourly chart continues to be stacked down with good angle and separation signaling a downtrend

Forex Technical Analysis

Weekly Chart: The stochastic is currently punching down with good angle and separation and I believe it will continue to move down until 136.238 which is one of the price projection for Tom Demark method. Usually, you will see some retracement at that level projected using Tom Demark technique but the price will then move back down after the retracement.

Daily Chart: At this time of writing, the price has break down the trend wall and may be looking to go down more. A point to note is the stochastic has became oversold for some time and I think it may be looking to either move sideways before going down.

Hourly Chart: The stochastic has moved up and is flattening at the time of writing this post. The MACD histogram has been shortening and I believe it may be a signal of price moving down.

Overall Forex Analaysis

I will continue to go SHORT for this currency pair. However I will look for more opportunity using the lower timeframe. Once point to note is to be caution about the 136.238 level as it is Tom Demark price projection exit point.