Forexpros.com Daily Analysis - 07/02/2011

By @ibtimes on

ForexPros Daily Analysis February 07, 2011

Today: Free webinar on ForexPros - Day Trading the Forex Minutes after News Releases to the Exact Bar

Expert: Jay Wireman

Start: Mon, Feb 7, 2011, 09:00 ET
End: Mon, Feb 7, 2011, 10:00 ET

Watch how Jay identifies explosive trades minutes after news releases and off of his major institutional support/resistance levels in his live room. With over 500 news releases a month, Jay will show you which forex or futures market you will want to target on a weekly/monthly basis. These setups have a high reward to risk and you will know the exact bar to enter, exit and trail with his symmetry indicators. Jay believes less is more and will show you it only takes a few setups to be successful in the futures and Forex markets. Watch how Jay traded the recent Non Farm Payroll, Jobless claims and Crude oil report minutes after the releases for explosive moves with tight stops. If trading the news is not for you then watch how Jay and his members buy strength and sell weakness off his institutional numbers on a daily basis. Jay shows you how Retracements/Snapbacks are the key to trading the futures and Forex markets. Jay will show you the institutional side of trading and how the public is always targeted as the institutions consistently stop them out.  As a bonus, Jay will demonstrate his pull in bar technique that he teaches his members to use on every trade before entry. This alone is a very powerful technique. Join Jay and his 18 years of experience and see how his recent member produced 376 ticks in his first week using Jay's institutional trading techniques.

Jay will cover the following trading topics...

* Learn the best times Sweet Spots of the day/night to be day trading the
   futures and Forex markets.
* Learn how trading minutes after news releases can produce large reward to risk
   trades
* Learn how to buy strength and short weakness off of key institutional
   support/resistance levels
* Learn how to always enter with a PULL-IN bar to reduce false moves
* Learn how the institutions control the markets and how to take adavatage of it
* Jay will show you many recent trades minutes after news releases and in his live
   day trading room

Click here to join free

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Euro Dollar:

On the daily the euro is in a reversal setup and has bounced off the next 50% long setup at 1.35489, with a target at 1.40019. The reversal setup is best seen on the 15 minute chart.

On the 15 minute chart, the euro is between its next long 50% setup at 1.35516, with a target at 1.40063 and its reversal extension short setup at 1.36547, with a target at 1.34892.

Pound: 

On the daily, the pound is in a reversal setup but has bounced off its next long setup at 1.60494, with a target 1.63855. Keep a close eye. To confirm the reversal, the pound will have to move to its next 50% short and then break the long setup.

On the 15 minute chart, you see the conflicting long and short setup. Currently the pound can be seen in a reversal pattern short or bouncing off it next 50% long. The pound will have to break one of the setups to confirm its trajectory.

Yen: 

On the daily, the yen is still in a short setup at 82.388, with a target at 80.473. Previous lows at 80.926 and 80.234 may act as support. This is within the greater short at 84.093, with a target at 79.48.

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Forex Trading Analysis written by Diana Rochford for ForexPros. For more information about technical analysis visit ForexPros.

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Trading Futures and Options on Futures and Cash Forex
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