russmanjoe
08-19-2007, 06:39 PM
Hi every one. I hope you all had a great weekend.
I have 3 trade ideas for the open of the markets this fine Sunday (the 19 of August)
These are trades that i will be taking.
I am looking at the 1 hour charts for these ideas and they are intradray trades.
The first is the Euro.
My trade idea is based on a few things. First is the Fib retracement levels. The pair made a correction to the .500 level. The 8,3,3 Stochastic is about to make a bull crossover. There is also a level of support at the 1.3463, this is a case of resistance becoming support.
I love this trade idea because i have multiple signals pointing in the same direction.
My Profit target is at the .618 Fib extension.
EUR/USD
BUY at 1.3500
STOP at 1.3460
PROFIT at 1.3575
--------------------
Second is the Pound.
This trade is based on3 things. I have a nice .500 Fib retracement level acting as support. Next there is a trend line i drew that earlier acted as resistance but now is confirming a level of support. I am waiting for the 8,3,3 Stochastic bullish crossover. Right now the pair is oversold and is itching to shoot upward.
My target again is loosely based on a Fib extension. 2.0000 is nice and round.
I wouldn't be surprised if this pair fell to about 1.9770 before it turns bullish. There is a ton of support at that level.
GBP/USD
BUY at 1.9840
STOP at 1.9785
PROFIT at 2.000
------------------
The last idea is the Swiss Franc
This pair has almost reached the .500 Fib retracement level and is showing a bearish black candle. That was at the close of the markets on Friday. The Stochastics are about to cross to bear territory but might not until we get an overbought condition. I drew a support trend line from late last week as the pair was falling and it is now acting as resistance, a good sign. The is also a level of resistance at the 1.2075 level which seems to be holding.
USD/CHF
SELL at 1.2040
STOP at 1.2090
PROFIT at 1.1970
-------------------
We'll see how these ideas pan out. I am fairly confident in my analysis and i will trade them without reservation.... but as it happens if the Forex markets, NOTHING is for sure. I will watch how things unfold and i may alter my trades accordingly.
Happy trading and i wish you all a very profitable week!
Russ
I have 3 trade ideas for the open of the markets this fine Sunday (the 19 of August)
These are trades that i will be taking.
I am looking at the 1 hour charts for these ideas and they are intradray trades.
The first is the Euro.
My trade idea is based on a few things. First is the Fib retracement levels. The pair made a correction to the .500 level. The 8,3,3 Stochastic is about to make a bull crossover. There is also a level of support at the 1.3463, this is a case of resistance becoming support.
I love this trade idea because i have multiple signals pointing in the same direction.
My Profit target is at the .618 Fib extension.
EUR/USD
BUY at 1.3500
STOP at 1.3460
PROFIT at 1.3575
--------------------
Second is the Pound.
This trade is based on3 things. I have a nice .500 Fib retracement level acting as support. Next there is a trend line i drew that earlier acted as resistance but now is confirming a level of support. I am waiting for the 8,3,3 Stochastic bullish crossover. Right now the pair is oversold and is itching to shoot upward.
My target again is loosely based on a Fib extension. 2.0000 is nice and round.
I wouldn't be surprised if this pair fell to about 1.9770 before it turns bullish. There is a ton of support at that level.
GBP/USD
BUY at 1.9840
STOP at 1.9785
PROFIT at 2.000
------------------
The last idea is the Swiss Franc
This pair has almost reached the .500 Fib retracement level and is showing a bearish black candle. That was at the close of the markets on Friday. The Stochastics are about to cross to bear territory but might not until we get an overbought condition. I drew a support trend line from late last week as the pair was falling and it is now acting as resistance, a good sign. The is also a level of resistance at the 1.2075 level which seems to be holding.
USD/CHF
SELL at 1.2040
STOP at 1.2090
PROFIT at 1.1970
-------------------
We'll see how these ideas pan out. I am fairly confident in my analysis and i will trade them without reservation.... but as it happens if the Forex markets, NOTHING is for sure. I will watch how things unfold and i may alter my trades accordingly.
Happy trading and i wish you all a very profitable week!
Russ