This is what I see in the Forex starting the week of May 18th – an OPINION ONLY:
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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: … Euro vs Swiss Franc Cross continues to rally on talk of SNB intervention. Dealers note 1.5280 as high made after first wave of SNB intervention buying. Traders claim to have heard SNB using direct phone line to buy 800M euro thus far.
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EURUSD
WHAT I SEE: – If we can break through the bottom here we should see a move to the .500 fibo and the S5. Further declines to the S4 1.3100 are are possible. If not then look to make the Triple top at 1.3724
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USDJPY
WHAT I SEE: – We have a Day chart Support in sight which should provide a bounce and then further declines to the Fib Extension at 97.24
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EURJPY – ALWAYS MY PREFERRED TRADE!!!!!
Looks like we could put a bottom in place here at the 127.89 area. A break of this would lead to a decline to 125.00. A bounce here should produce an initial move to the R4 at 130.29 area. Then further towards 135.00
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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.
