ForexPros Daily Analysis March 15, 2011
Free webinar on ForexPros and FuturesPros - The Forex and Futures Markets
Expert: Jay Wireman
Start: Thu, Mar 17, 2011, 10:00 ET
End: Thu, Mar 17, 2011, 11:00 ET
For the first time ForexPros and FuturesPros is doing a combined webinar, don't miss it!
Watch how Jay identifies an explosive chart pattern that alerts you a big move is about to occur in the futures and forex markets. This leading indicator is a coil in the market and gives the day trader a heads up when the price range is getting tighter and that an ensuing explosive move is coming. This newly released indicator is a must see for anyone trading the futures and forex markets. Once plotted, it almost always leads to an explosive move in price action. This works on all markets.
Learn how to trade institutional holes in the market that can produce large reward to risk trades. Combine these levels with Market Profile and you have a very powerful combination. These important levels will call the highs and lows consistently on a daily basis and put you on a level playing field with the institutions.
Learn what a coil in the market is and how to trade this explosive pattern
Learn how to trade the intraday institutional holes in the market that can produce large moves
Learn how to trade minutes after news releases to the EXACT bar with my news methodology
I will play my recent live trade from this months Non Farm payroll report and my Crude Oil trade that produced over a 100 ticks
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Since mid-February on the EURGBP a clear uptrend has been forged, but might be at the end of his rise since yesterday when at the opening an important bullish target 0.8688 had been reached. For now, however, we are recording only the first warning signs, there is still no clear signals of market reversal. Early warning signs can be found in the negative divergence between the RSI (top down) and price developments that continue to create new highs and increasing further.
By analyzing the movement of the Bollinger bands we can see that prices have reached the upward target, unable to escape from the upper band, thus giving a signal that the continuation of the increase trend may come to a halt. We can set as a primary area of strength for the next few hours the levels between 0.8591 and 0.8603 that, even if achieved, it would not change the technical bullish background. If this area will give in to pressure from the bears, the target would be fixed at 0.8555. Conversely it would be a very positive excess of the maximum of yesterday with its denial of the negative divergence in creating today that could allow the euro to push up to 0.8746.
Forex Trading Analysis written by Marco Dall'Ava for ForexPros. For more information about currency charts visit ForexPros.
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