Daily Analysis - 21-12-2010

While I was doing my daily analysis, I noticed a good spinning top example I thought to share with you. I missed the trade unfortunately.

In the above picture, you can see EUR/NZD on daily time frame. If you noticed, there are two coloured lines on the chart. One is green the other is brown. I use theses different coloured lines to identify the support / resistance on different time frames. I use Green colour line to draw support / resistance on daily, blue on weekly and brown on monthly time frames. You can use your own choice but remember which colour you use for particular time frame. Now in the above example you can see a green coloured resistance line on daily time frame and there you see a beautiful spinning top giving us a reversal signal. You can see the very next momentum candle and you are sure it was a winning trade.

Today's Analysis:

CAD-CHF Daily & Weekly Charts:

In the above to pictures, you can see CAD/CHF on weekly & daily charts respectively. It is very clear it is trying to break the support line. We are going to watch the charts. As on today we don't have any trade on this pair.

GBP/JPY Monthly Chart:

If you look at the above picture GBP/JPY on monthly time frame, you can see that the price has found good support at this level. Watch this pair for a good reversal.

USD/CHF Daily chart:

In the above picture USD/CHF on daily time frame . You can see that the price is trying to test the support line. Please watch this pair for a reversal on both daily & weekly charts.

NZD/CHF Weekly chart:

In the above chart NZD/CHF on weekly time frame. This pair trying the test the support on weekly chart.


Update on Yesterday's Analysis:
AUD/USD trade didn't trigger yet. USD/CAD trade is in positive side. I am not going to close it as this trade I placed based on weekly chart. So to close 50% trade I must wait for the weekly candle to close.

Good luck.
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Daily Analysis - 20-12-2010

Even though I didn't finish my analysis completely, I though to share with you part of my analysis for today.

In the above picture GBP/USD on monthly time frame, please note that I am not talking about any trade set-up. But I saw a beautiful Fibonacci Retracement I thought you may not want to miss. You can see that the price tested twice there for a good reversal. The second time when it tested it formed a pin bar indicating the trading opportunity.

AUD/USD Sell entry:

In the above picture, AUD/USD on weekly time frame we have a good trading opportunity. The price tested the resistance level forming an inverted hammer.
I have placed an conservative entry trade, Sell at 0.9824 with stop loss at 0.9933 (Aggressive stop loss).
An Aggressive trade set-up would be sell at 0.9881 with stop loss at 1.0032 (Conservative stop loss).


USD/CAD Buy entry:

In the above picture, you can see USD/CAD on weekly time frame with a not so good hammer formation. This is not a very good trade set-up. Still for aggressive traders there is still an opportunity because the support level what you see there is marked on both monthly (reddish / brown line) and weekly (blue line) time frames. So if you want to buy, buy @ 2.025 with stop loss at 1.0074.

If I get time, I will update the analysis again.

Good luck.