Market Review

CAd news today came in a bit worse than expected causing the EUR to hold strength along the 1.4300 mark, we still have a downward trend with possible movement towards 1.4175/85 mark as the support line, question would be if the CAD news is enough to change direction.

Market Review - GBP/JPY

Large retracement on the 4hr chart down to the support of 241.65/75 mark, we had setup a support line there and it has held so far. from there the CCI and SCHAFF has trended to the bottom of the scales, with the upward momentum from the EMA's, It looks like a candidate for a 4hr Long trade style on the templates.

Day chart is still holding the lower trend line, with the CCI and SChaff heading back to the upper end of the scale, basically we broke out of the 241.65/70 level, and retested that as support.

Best thing about it , is once it returns to the upside, I will be looking for carry trade to stand for quite some time. as now we have a basis of support. Worst is that the support line dates back to 1992 levels.

Andy<> Stapleton
www.forexmgr.com

EUR/CAD

Well , I am watching the charts on the EUR/CAD, looking at a 4hr retracement between the 20 and 50 EMA. this retracement is a good indication of a possible new entry short.

Here is how I see it; Day chart shows strong potiential to the downside, as well as the 4hr chart, the resistance on the day chart is 1.4400 mark as the first one and support has now been set around the 1.4265 mark. Forecast had the pair with a 67% bias to the upside indicating the retracement was going to occur.

2 choices present us right now.

1) if the bias changes on the forecast to the downside or middle, look for pivot entry short covering with the 50 EMA until the break below the 1.4250 area; then move the EMA stop loss to say an 89 EMA or even start one of the EMA's from the 4hr chart.

2) Use the 4hr entry criteria, the CCI is overbought and the Schaff Trend Cycle is at the top of the scale. once these break downwards, you can enter into the short trade.

I currently have an entry short with 194 pips. I will be using the Multi-Trade management style to enter into another position as it returns to the downside.

Andy <> Stapleton

University Training

this video shows indicators we use to support our entry /exit criteria for trading. more video’s will be on the way.

www.forexmgr.com/university/universityindicators.html

Andy<> Stapleton

Market Reviews

Market reviews are done each day for 13 pairs on our website for our members; we will post our market reviews here at least 2-3 times per week. this will give you a preview of how it is done and what you will learn.
Market reviews will be one day old, so please do not use them as Current.
Andy <> Stapleton