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:
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT I SEE: I wrote last week “ A break of the 1.4485 should give us a move north to the 1.4550 area”. It stopped at 1,4556. We have what could be the start of a 5 wave move south. If so, the bear flag we are trying to break out of is wave 2. The big 3 wave is up next. Looking for a target of 1.400o area initially and then further move south.
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USDJPY
WHAT I SEE: – The price dipped below the MA @91.66 and is trying to take out the .500 fibo on the 4 hour chart. We have a falling wedge pattern which historically is a buy pattern. Looking to bounce at the .500 but a dip to the .618 is not out of the question. Target north is the 92.94 area.
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
WHAT I SEE: – The EJ has broken the neckline of the head and shoulders pattern. Looking for a bounce on the .618 Fibo and then a possible move to the heart line. Looking to continue the short bias to the .786 fibo at 129.00 area. Further target is a double bottom.
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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.
