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May 26, 2013 -- Updated November 09, 2012 15:08 HKT

Forex: EUR/USD Candlesticks and Ichimoku Intra-day Trade Ideas


paul@livetradingnews.com
Posted on: Nov 9th, 2012

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Forex: Candlesticks and Ichimoku Intra-day Trade Ideas

Candlesticks and the Ichimoku Kinko Hyo, when combined with traditional technical analysis methods, for example, trend analysis, pattern recognition and Fibonacci retracements and projections, work amazingly well in forecasting the market movements, especially in very volatile market conditions.

EUR/USD – 1.2726 Stand Aside

Most recent candlesticks pattern : N/A

Trend : Near term down

Tenkan-Sen level:1.2747
Kijun-Sen level:1.2749
Ichimoku cloud top:1.2806
Ichimoku cloud bottom:1.2806


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New strategy: Stand aside

Although the single currency has remained under pressure and near term downside risk remains for recent decline to extend weakness towards 1.2700, loss of near term downward momentum should prevent sharp fall below 1.2675-80 and reckon 1.2650-55, 50% Fibonacci retracement of 1.2134-1.3172, would hold from here, bring a corrective rebound later.

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above intra-day resistance at 1.2782-85 would bring test of the lower Kumo, now at 1.2806 and possibly 1.2830-35 but only break of resistance at 1.2876, Wednesday’s high, would signal low is formed and bring a stronger rebound later.

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Sales@Heffcap.com

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Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699

 



 

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Heffernan Capital Management
Linda Johnson,
Business Development Director – Private Client Group,
Sales@Heffcap.com

Singapore

3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699

 Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

 

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Posted by on Nov 9th, 2012and filed underEconomic News, Europe, Foreign Exchange, Latest News.You can follow any responses to this entry through theRSS 2.0You can skip to the end and leave a response. Pinging is currently not allowed.
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