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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. I DO NOT DO THE GBPUSD- SINCE 99% OF RETAIL TRADERS SHOULD NOT BE TRADING IT.
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!!!! The HSI has proven to be more accurate then 240 fibs when searching for targets and I only use a 240 trend to know where the Trend wall might be and what “THEY” are thinking! The Red line MA on the 10 MIN Wild Card is the current active trend and it closely approximates the 240 trend!
What I see…the currencies MIGHT do next week? NOTE: IF YOU ARE UNSURE – STAY ON THE SIDELINES!’
SPECIAL NOTE: … The FOMC has a policy meeting on Wednesday at 2 PM EST and the market will be looking for more definitive ideas about an exit strategy.
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT I SEE: – Looks like a big Bear flag to me, although many analysts are saying it is an uptrend? Key area to watch: 0.500 area at 1.4046, the .619 fibo is also the R5 area. If we break that look for the .786 area at 1.4216 and the of course the R6.
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USDJPY
WHAT I SEE: – Looking to sell off the 96.58 S4 line for continued moves to the S5 and maybe beyond. This would complete a 5 wave move down,
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
Looks like a bear flag also to me but this one has had a break of the MA’s so may be actually trying to make an uptrend. Until I get a better feel for it I am plotting targets both ways.
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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.
