Actively Applying Trend Lines to 4 Forex Charts

During the recent weeks Winners Edge Trading has released an entire series on trend lines and how Forex traders can use trend lines for their trading decisions. This article will use these trend line articles to review and analyze today’s Forex market and make a watch list of interesting pairs and setups.

#1 GBPAUD

The GBPAUD is in a chart pattern called the contracting triangle or wedge. Price is posting higher lows but also lower highs, which is a classical sign of a range. So which trend lines are important?

The red and dark green trend lines are the main ones to monitor: a breakout above resistance or below support is the main breakout scenario although waiting for the confirmation of a break is also merited. The other trend lines are good to keep on the charts to remember where the targets are located.

#2 USDCAD

The USDCAD is also caught in a tight consolidation zone. The green trend lines represent the falling wedge chart pattern which is often a reversal signal. The longer term trend is certainly still pointed up (green arrow) so a break of the falling wedge could indicate the continuation of the bullish momentum.

1. Bullish space is visible above the rising wedge and resistance (green zones);


2. Bearish space is visible up on the break of support (blue & green) trend lines (red zones);


3. Price is now in ‘neutral’ territory (blue zones).

#3 EURUSD

The EURUSD downtrend gave way for a massive bear flag consolidation (blue channel lines). Price is clearly at a decision spot:

1. The break of support for a bearish setup or;


2. The bounce at support for a bullish rally and further extension of the consolidation.

The screenshot shows you where I mentally have placed the bullish, bearish, and neutral zones (circles) and likely bouncing spots (arrows) depending on the trend lines:

#4 GBPJPY

The GBPJPY is rebounding back up strongly after an even sharper decline. The ‘Ferrari’ of the currency market has stalled at the -27.2 target after bouncing at the 38.2 Fibonacci retracement level. If price is able to make it up towards the -61.8 target then it would need to break through various layers of resistance. Bearish territory is only visible after a break of various support lines and channels. Please see this screenshot for the full visual picture.

Remember that these 4 currency pairs have interesting trend lines but before they can be actually traded it is always recommended to wait patiently for confirmation of one’s analysis as to remove the bias from our views on the charts and potential setups.

As our help to traders, we are offering you the opportunity to post your charts and got review for free of charge: pick a chart and draw all of the relevant trend lines on it. If possible, indicate or write which zones are bearish, bullish or neutral. Then after that we will post our feedback on it. Looking forward to your charts!

Thanks for sharing and wish you Happy Trading!

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Long USDJPY @ 104.33

Long USDJPY @ 104.33January 21, 201415.55 gmtNew long $15/pip USDJPY @ 104.33. Monitoring 103.80 level for downside risk.The BoJ meeting tomorrow is not expected to create any waves, but there is a press conference and at these things anything can happen, so I’ll be monitoring the comments closely at that time.The charts are showing pressure building up to bust through the 105 level soon, and maybe even the recent high around 105.44.About these adsShare this:Email Print Facebook Google RelatedFrom → Trades

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15.55 gmt

New long $15/pip USDJPY @ 104.33. Monitoring 103.80 level for downside risk.

The BoJ meeting tomorrow is not expected to create any waves, but there is a press conference and at these things anything can happen, so I’ll be monitoring the comments closely at that time.

The charts are showing pressure building up to bust through the 105 level soon, and maybe even the recent high around 105.44.

For more info: Long USDJPY @ 104.33

Zen and the Art of FX Trading

Long USDJPY @ 104.33

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Short cable again !

Short cable again !January 15, 201413.31 gmtCable has really frustrated me today. I have now looked again at the longer term charts and the probability favours the downside in this pair. So I have gone short again, in both GU and GJ, as follows:Short $10/pip GBPUSD @ 1.6372, SL around 1.6422.Short $12/pip GBPJPY at 170.71, SL around 171.45.About these adsShare this:Email Print Facebook Google RelatedFrom → Trades

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13.31 gmt

Cable has really frustrated me today. I have now looked again at the longer term charts and the probability favours the downside in this pair. So I have gone short again, in both GU and GJ, as follows:

Short $10/pip GBPUSD @ 1.6372, SL around 1.6422.

Short $12/pip GBPJPY at 170.71, SL around 171.45.

For more info: Short cable again !

Zen and the Art of FX Trading

Short cable again !

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Massive Market Summary of 2013 and Outlook for 2014

Hi traders. The year has come to an end and what a year it was. I made a video that looks back at the overall market action for 2013 and gives a prediction for what I expect to see in 2014. It’s been a long while since we have had a decent sized correction and I think that is certainly a possibility early in the year. I also discuss the leading stocks going into the new year along with setups that are looking good at this point.At the beginning of last year, I made a list of thirteen stocks that I thought looked promising for the year ahead, more for fun than anything else. This is the way that list of thirteen performed in the past year. For …

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Hi traders. The year has come to an end and what a year it was. I made a video that looks back at the overall market action for 2013 and gives a prediction for what I expect to see in 2014. It’s been a long while since we have had a decent sized correction and I think that is …

For the full article, please visit my website by clicking on the article title above.

For more info: Massive Market Summary of 2013 and Outlook for 2014

Chart Swing Trader

Massive Market Summary of 2013 and Outlook for 2014

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Loads and Loads of IPOs (Setups That Is)

One more day of trading left in 2013 and the overwhelming theme for me recently has been the IPO market. Perhaps this is all due to the overwhelming success (the last two days not withstanding) of Twitter, but my scans have seemingly been overpopulated by IPO bases for a few weeks now. I have traded some, but haven’t held them as I am still wary of a correction to start the year, something I will discuss in my next post on Wednesday. I really don’t know if all of these bases I am seeing in new names is a good thing or a sign of froth. The biggest problem with most of the charts below are that they are very, very thin and can trade in spastic ways….

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One more day of trading left in 2013 and the overwhelming theme for me recently has been the IPO market. Perhaps this is all due to the overwhelming success (the last two days not withstanding) of Twitter, but my scans have seemingly been overpopulated by IPO bases for a few weeks now. …

For the full article, please visit my website by clicking on the article title above.

For more info: Loads and Loads of IPOs (Setups That Is)

Chart Swing Trader

Loads and Loads of IPOs (Setups That Is)

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Some Christmas Week Setups

We are moving into a traditionally bullish time of year as funds try to add strong-performing names into their portfolios as the year comes to an end. We’ll see if that holds true again this year soon. Last week was not easy as some names worked great and others were whippy, but if you pick the right names, you can probably get some decent gains over the next few days too. Here are some charts I will be watching. Don’t know that I will be holding any of these – most will be day-trades in a thinner holiday environment, but I would consider holding some of the bigger names.BNFTCAMTDECKEJERIIFBIPCIMGAMTWTRUNTDVIPSXRSYYGOGOZLTQAll Charts from TC2000, Courtesy of Worden Brothers, Inc.Hope everyone has a very happy holiday season. …

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We are moving into a traditionally bullish time of year as funds try to add strong-performing names into their portfolios as the year comes to an end. We’ll see if that holds true again this year soon. Last week was not easy as some names worked great and others were whippy, but if you…

For the full article, please visit my website by clicking on the article title above.

For more info: Some Christmas Week Setups

Chart Swing Trader

Some Christmas Week Setups

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New short GBPUSD @ 1.6173

New short GBPUSD @ 1.6173October 23, 201314.45 gmtThis is as per the system signal. These days I barely look at the charts or the news – perhaps a few minutes at night and mornings (Singapore time). That sort of works to my advantage, since I have been trying to follow my system blindly, but too much screen time always distorts one’s thoughts. Let’s see how this works out.Short $5/pip GBPUSD at 1.6173, SL at 1.6252.The Aussie has also generated a sell signal, but I am hoping for a little bounce to catch it near 0.9650.About these adsShare this:Email Print Facebook Google From → Trades

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14.45 gmt

This is as per the system signal. These days I barely look at the charts or the news – perhaps a few minutes at night and mornings (Singapore time). That sort of works to my advantage, since I have been trying to follow my system blindly, but too much screen time always distorts one’s thoughts. Let’s see how this works out.

Short $5/pip GBPUSD at 1.6173, SL at 1.6252.

The Aussie has also generated a sell signal, but I am hoping for a little bounce to catch it near 0.9650.

For more info: New short GBPUSD @ 1.6173

Zen and the Art of FX Trading

New short GBPUSD @ 1.6173

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