EURUSD, USDJPY, EURJPY -I do these three currency pairs because they represent a cross section of the market as a whole – all matching up to possible opportunities on Wild Card, 6 Aces and Royal Flushes (Trending and Elliott Wave) and they represent correlating other currencies.
Example: due to it’s very close correlation the EURUSD will show you what the USDCHF will possibly do going the other way!
This way whatever trader you are you have an idea of what the possibilities might be.
REMEMBER: THIS IS BIG PICTURE ONLY – NOT INTRADAY! Please NOTE!!!! This is an opinion only!
SPECIAL NOTE:
Dollar rises http://news.bbc.co.uk/2/hi/business/8523500.stm
CLICK ON IMAGES TO ENLARGE
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EURUSD
1) WHAT I SEE: We are still in wave 3 BUT we have hit the S8 and the .382 Fibo from the Day chart Swing high and low. So a bounce ( already significant one) may be under way. The other factor is however that we did BREAK the S8 and we have a descending wedge. So if we get the continuation of the bounce looking for 1.3832 to find sellers. If we break down the targets are still at 1.2991 area.
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USDJPY
WHAT I SEE: – UJ Broke out of all resistances and is upward bound. Stalling at the .786 Fibo retracement level but should find support @ 91.30 to take out the R6 and then a double top.
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – We have taken out the S8 in the 3rd wave down, and experiencing a small bounce. Looks like a wedge. If we break north look for sellers at the 128.60 area. A break down targets the .618 Fibo extension and support at the same spot @119.73.
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EXTREME CAUTION IS URGED – TRADE WITH STOPS!!!!!
BTW – if you want to save the pics, right click and hit “save as”.
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by ProAct Traders, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors. This is an opinion ONLY – and not a trade call, but a study that may lead you to a trade. I do not know whether this will transpire or not so use your own judgment.
