The
daily cable has exhausted at the 200 period Simple Moving Average (SMA) on the
daily chart. There is arguably no more psychologically significant a
combination of time frame and indicator as the daily chart with the 200 period
in play. Here’s what the rejection is setting up.
The rejection at the daily 200 period SMA close is the catalyst
for this set up where now the expectation is for possibly a correction lower of
the longer-term intraday uptrend seen clearly on the 240-minute chart.
The 240-minute chart has all the characteristics that market
clarity demands:
1) A clear angle of the 34EMA Wave
2) Smooth 34 period EMA moving average lines
3) An established 34EMA Wave angle
4) Respect for the dynamic support of the 34EMA Wave on pullbacks
Past
performance is not indicative of future results
The 240-minute GBP/USD is setting up
for a swing buy entry if prices can correct lower into the support of the 20
period SMA close and/or the 34 period EMA high. The current weakness in the U.S.
Dollar is helping the Pound Sterling gain against it but the 200 period SMA
close on the GBP/USD daily char could present a significant hurdle to cable
bulls.
As an active forex trader and Chief
Currency Analyst for InterbankFX.com I do write for a number of sites all over
the web and I am happy to say that I will be posting updates atwww.IBFXconnect.com. MyActivity Boardwill feature the trades from my trading account as well as
intraday commentary.
Start the discussion! Questions?
Comments. Leave it here at the Daily Forex Trading Edge for Raghee to
personally answer. Using the icons at the top of the article to forward this
update to a friend via email, post it on Google or Facebook or simply print it
out for reading later.
Forex
trading is one of
the riskiest forms of investment available in the financial markets and suitable
for sophisticated individuals and institutions. The possibility exists that you
could sustain a substantial loss of funds and therefore you should not invest
money that you cannot afford to lose.
Posted By:
Raghee Horner
Raghee Horner, chief currency analyst for Interbank FX, provides her personal daily trading tips and insights through Dailyforextradingedge.com. An experienced trader with over fifteen years in the markets, Raghee is the co-founder of EZ2Trade Software and has taught her brand of technical analysis and charting strategies to students all over the world. She is an international author and has taught currencies, futures, and equities trading for over a decade.
The daily cable has exhausted at the 200 period Simple Moving Average (SMA) on the daily chart. There is arguably no more psychologically significant a combination of time frame and indicator as the daily chart with the 200 period in play. Here’s what the rejection is setting up.
The rejection at the daily 200 period SMA close is the catalyst for this set up where now the expectation is for possibly a correction lower of the longer-term intraday uptrend seen clearly on the 240-minute chart.
The 240-minute chart has all the characteristics that market clarity demands:
1) A clear angle of the 34EMA Wave
2) Smooth 34 period EMA moving average lines
3) An established 34EMA Wave angle
4) Respect for the dynamic support of the 34EMA Wave on pullbacks
Past performance is not indicative of future results
The 240-minute GBP/USD is setting up for a swing buy entry if prices can correct lower into the support of the 20 period SMA close and/or the 34 period EMA high. The current weakness in the U.S. Dollar is helping the Pound Sterling gain against it but the 200 period SMA close on the GBP/USD daily char could present a significant hurdle to cable bulls.
As an active forex trader and Chief Currency Analyst for InterbankFX.com I do write for a number of sites all over the web and I am happy to say that I will be posting updates at www.IBFXconnect.com. My Activity Board will feature the trades from my trading account as well as intraday commentary.
Start the discussion! Questions? Comments. Leave it here at the Daily Forex Trading Edge for Raghee to personally answer. Using the icons at the top of the article to forward this update to a friend via email, post it on Google or Facebook or simply print it out for reading later.
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
Raghee Horner