Archive for the 'forex systems' Category

Peter Bain’s Having Special Offer for Da Big Dog Course

Published on 3 years, 11 months ago in forex systems. 32 Comments

Here’s a mailer coming to my inbox. I’ve always enjoyed his commentaries and views on currencies highlight. Peter’s offering a special extension of membership rate of 6 months as oppose to shortening it to 4 months if your purchase the course within the next few days,

Forexmentor has an exclusive, time sensitive announcement especially for you. I know that you are interested in Forexmentor because you receive my Forex commentaries and new Forexmentor product emails. So even though you have yet to purchase my Big Dog Forex course, I consider you a member of the Forexmentor family albeit a distant member. That is why I feel that it is important to inform you of an important change to our membership program.

Effective Tuesday June 10, 2008, the length of membership associated with the purchase of my Big Dog course will change. The current membership program for course purchasers entitles you to six months access to the Forexmentor website. This allows you access to hundreds of hours of exclusive Forex related information.
Perhaps the two most important membership benefits are my AM Review and our Video Tutorial Library. I think that my AM Reviews are
unequalled for explaining how to profitably trade the forex independent of market conditions. And our Video Tutorial Library contains hundreds of videos on all aspects of trading fundamentals and techniques. I have designed and developed both my course and membership website to teach beginners how to trade the forex and to help more experienced traders improve their trading skills.

However on June 9th while none of these membership benefits will change, the length of the membership associated with your course purchase will change from six months to four months. The price will still remain the same – $495.00 for the hard copy version and $349.00 for the online version – but the membership length will be reduced to four months. Since you have indicated an interest in Forexmentor I felt that it was important that you were aware of this change so that you could plan your purchase accordingly.

So you have until midnight June 8th to purchase my course and receive the six month membership. This offer will not be available after midnight Monday.

To purchase my course with the six month membership program click on www.forexmentor.com/order.html

However even distant members of the Forexmentor family are entitled to special benefits. Therefore I want you to offer an exclusive Forex product for you to view even if you decide not to purchase my course. Recently I did a special 90 minute webinar for group of stock traders. In the webinar I explained the forex and how it was possible to trade profitability. I also gave them a brief overview of my trading strategies. As a thank you for your interest in Forexmentor I am making the recording of this webinar available to you for a limited time.

If you are interested in viewing this special webinar, please click
on www.forexmentor.com/webinar/0608.html

As a family member you are probably familiar with all the benefits of my Big Dog course. They are all explained better than I can do here on my www.forexmentor.com website. Let me simply say that I believe that combination of my course and associated membership benefits provide the best forex education anywhere. I hope that you will take advantage of this special course offer or at least view the exclusive webinar. Even if you decide not to take advantage of these opportunities I hope that you will continue to be a member of the Forexmentor family.

Has anyone actually reviewed Peter Bain’s course to know that it’s well worth the money spent? Share with us your experience on the materials whether its well worth the money and time to study it if you’re serious about forex.

Daily TNT Forecast 7th November 2007

Published on 4 years, 6 months ago in forex systems. 0 Comments

Do you sleep Clarence? ;) TNT updates,

US Dollar Index

The major trend of the US Dollar Index is still down. On Tuesday, the index went to a high of 76.235 before settling at 76.025, which is down by 0.365 compared to the previous day. The low of the week is 75.970. Immediate resistance to the Index is 78.571 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing downward at 23.77, indicating that the index is still continuing moving downward, resulting in a weakening US Dollar.

General Market Commentary (November 6, 2007) by MG Financial Group:

The beleaguered dollar continues to plumb new lows across the board, hitting 2.0904 against the sterling and 1.4570 versus the euro. Sentiment for the greenback remains heavily bearish despite recent US economic not pointing towards the worst-case scenario of an imminent recession.

The latest string of upbeat reports included Q3 GDP, a robust labor market as evident in the October non-farm payrolls and yesterday’s stronger than expected non-manufacturing ISM – which suggests another 25-basis point Fed rate cut may not be forthcoming. Deterioration in the housing market and credit concerns continue to be the Achilles heel for the US currency as investor nervousness over banks’ balance sheets remain heightened. Uncertainty about the extent of further write-offs stemming from the subprime debacle will likely plague the greenback over the quarter.

The economic calendar for the Wednesday session will see Q3 productivity, labor costs, September wholesale inventories, and September consumer credit. Consensus estimates for Q3 productivity are calling for an increase to 3.0% versus 2.6% in the previous quarter. Labor costs in Q3 are estimated to slip to 1.0%, down from 1.4% from Q2. Meanwhile, consumer credit is estimated to decline to $8.3 billion in September, down from $12.2 billion a month earlier.

The euro reached another all-time high against the dollar at 1.4570 and edged closer to the 167-level versus the yen. Data releases from the Eurozone overnight saw October services PMI, which exceeded estimates to 55.8 and September producer prices, which were slightly higher than expected at 2.7% y/y and 0.4% m/m. Retail sales improved in September, albeit short of forecasts, at 0.3% versus 0.1% a month earlier and 1.6% compared with 1.0% in the previous year. However, Germany’s industrial orders in September tumbled by 2.5%, compared with a 1.2% increase from August.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. This week, the pair continues to be bullish as it broke higher to 1.4570, which is its historical high. Immediate weekly support is at 1.4259, followed by 1.4084, and 1.4048 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4600, which is the pair’s next psychological level. Weekly Stochastic is seen moving upward at the 96% level, indicating that the pair is at an overly-bought level as it continues to move upward.

From the daily chart, on Tuesday, the price candle turns bullish again, indicating a regathering of upward momentum, as the pair reaches another historical high of 1.4570. Its immediate daily support is at 1.4453 (10-Day Moving Average Line), followed by 1.4415, 1.4392 (Upward Trend-line) and 1.4245 (40-Day Moving Average Line). The Default MACD is showing an up-trend, while the two pairs of Moving Average Lines are also indicating an up-trend. Daily Stochastic is seen moving sideway at the 80% level, indicating a possible pull-back this coming week. Only a break below 1.4392 will indicate a possible major downward retracement move.

From the hourly chart, the pair’s immediate support is at 1.4467. Any break below this level may be the first sign of weakness.

The pair is seen to be gathering its upward momentum again. Patience is needed here as we wait for any confirmation of weaknesses when the price retraces below 1.4392. The pair is definitely at a super over-bought level. However, if the pair continues to move upward, we may target 30-50 pips of profit. Its immediate price target is now 1.4600, and ultimately 1.5000.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. This week the price candle’s bearishness may turned bullish as the price continues to move upward, establishing a new historical high of 2.0905. Its immediate weekly resistance is at 2.0900, which is a key psychological level. Its immediate weekly support is at 2.0570 followed by 2.0398. Weekly Stochastic is seen moving upward at the 94% level, indicating that the pair is at an overly-bought level as it continues to move upward.

From the daily chart, Tuesday’s price candle turned bullish after the pair recovers its Monday’s loss, and establishes a new historical high at 2.0905. Its immediate daily resistance is at 2.0900 while its immediate daily support is at 2.0770, followed by 2.0750 (10-Day Moving Average Line) and 2.0678. The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Both MACDs are also indicating an uptrend. Daily Stochastic is seen moving a little downward at the 81% level. Currently, the pair is still bullish. However, any attempt for the price to retrace below 2.0678 may be a first sign of weakness.

From the hourly chart, the pair’s immediate support is at 2.0848. Any break below this level may be a first sign of intra-day weakness, with next support at 2.0769.

The pair is seen to be gathering its upward momentum again. Patience is also needed here as we wait for any confirmation of weakness when the price retraces below 2.0678. The pair is definitely at a super over-bought level. However, if the pair continues to move upward, we may target 30-50 pips of profit. Its immediate price target is now 2.1000.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. This week’s price candle is bearish as the pair continues to break lower to 1.1448. Its immediate weekly resistance is at 1.1502, followed by 1.1642, 1.1770 (Weekly 23.6% Fibo Level), 1.1848, 1.1904 and 1.1985, while its immediate weekly support is at 1.13234. Weekly Stochastic is seen moving downward at the 10% level, indicating an overly-sold level for the pair.

From the daily chart, Tuesday’s bearish candle found a support at 1.1422. The pair’s immediate daily resistance is at 1.1562 (10-Day Moving Average Line), followed by 1.1617, and 1.1701 (40-Day Movig Average Line). The default MACD is showing a downtrend while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are also indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving sideway at the 19% level, indicating that the pair’s persist weakness.

From the hourly chart, the pair needs to break above 1.1562 in order to regather its upward momentum.

Still no sign of any price recovery ahead. Watch for the price to recover above the 1.1617 level for a bullish recovery, otherwise short the pair for small profits of 30-50 pips on intra-day rebounds.

USD/JPY

From the weekly chart, this week the pair’s bullish candle met its immediate resistance at 115.21. This may be its another attempt to crawl back to its upward channel. However, both the Long MACD and the Moving Average Lines are still indicating a down-trend. Its immediate weekly resistance is at 115.21, followed by 115.61 (Weekly 38.2% Fibo Level) and 116.41.Its immediate weekly support is at 114.15, followed by 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen moving downward at the 29% level.

From the daily chart, Tuesday’s upward move met firm resistance at 114.88 (Daily 61.8% Fibo Level). Next daily resistance is at 115.18, followed by 116.57 (Daily 50% Fibo Level) and 117.38. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating a downward move. Default MACD is also indicating a downtrend. Daily Stochastic is seen moving downward at the 23% level. Need to wait for any price action to confirm today’s move.

From the hourly chart, the pair’s immediate resistance is at 114.67, with support at 114.36. Any break-up out of these two levels are trade opportunities for us.

The pair is seen to be indecisive this week. Let the price action indicates our trading plan for this pair.

EUR/JPY

On the weekly chart, this week’s candle is bullish. Its immediate weekly support is at 163.63, followed by 162.10 (the lower band of the upward channel), 160.00 and 159.57 (52-Week Moving Average Line). Its immediate weekly resistance is at 168.54 (upper band of the upward channel). Its Long MACD is showing a down-trend. Weekly Stochastic is seen crossing upward at the 68% level, indicating that the pair is once again riding on the strength of the Euro.

On the daily chart, Tuesday’s bullish move met firm resistance at 167.00. Its immediate daily support is at 165.16, followed by 164.75 (Daily 23.6% Fibo Level), 164.28 (40-Day Moving Average Line), 163.17 (89-Day Moving Average Line) and 162.05 (Daily 38.2% Fibo Level). Both MACDs are indicating an uptrend. Daily Stochastic is seen crossing upward at the 60% level, indicating that the pair may continue its upward move over the next few trading days.

On the hourly chart, the pair may pull-back down to 166.45, so as to regather its upward momentum.

We are looking to go long on this pair based possible TNT buy signals, as it continues to ride on the strength of the Euro.

TNT students, please use the updated TNT charting templates that was sent to you on November 4. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.

The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading day ahead!

Cheers,
Clarence
Admin of The Forex Club

Life is for Living and NOT Working.

Daily TNT Forecast 31st October 2007

Published on 4 years, 6 months ago in forex systems. 0 Comments

US Dollar Index

The major trend of the US Dollar Index is still down. On Tuesday, the index went to a high of 76.98 before settling at 76.72, which is down by 0.07 compared to the previous day. The low of the week is 76.69. Immediate resistance to the Index is 78.96 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing downward at 26.06%, indicating that the index is continuing moving downward, resulting in a weakening US Dollar.

General Market Commentary (October 30, 2007) by MG Financial Group:

The beleaguered Dollar found no reprieve on Tuesday, remaining mired near all-time lows versus the Euro at 1.4436, and 26-year lows against the Sterling just shy of the 2.07-level. Dragging the Greenback lower today was a report from the Conference Board revealing a dip in consumer confidence to a new 2-year low at 95.6 for October, compared with a downwardly revised 99.5 from September. The expectations index for October fell to 80.1, versus a revised 85.0 from a month earlier.

The currency market will likely consolidate in the coming session as traders take to the sidelines ahead of Wednesday’s FOMC monetary policy decision and accompanying statement. Although the Fed funds futures are fully discounting a 25-basis point rate cut to 4.50% tomorrow, the focus will be on the language used in the subsequent policy statement. Further, the Dollar may regain its footing against the majors if the Fed instead opts to leave rates unchanged at 4.75% while signaling a cut at its December meeting.

Prior to the Fed announcement, several key pieces of economic data will provide additional gauges on the state of the US economy. Growth in Q3 is estimated to fall to 3.0%, down from 3.8%. The core PCE is seen edging up to 1.5% from 1.4%, while the headline Q3 PCE is forecasted to fall to 1.5% from 4.3%. The October ADP private sector payrolls, often viewed as a proxy to the more important non-farm payrolls, are seen up slightly to 60k versus 58k. Meanwhile, the October Chicago PMI is estimated to slip to 53.0, down from 54.2.

The Sterling climbed to its highest level in 26-years against the Greenback while rallying sharply versus the Yen prompted by overnight comments from a Bank of England board member. The BoE’s Barker pondered whether conditions have changed significantly since August that would force the Bank’s hand next week. Given the recent slate of upbeat UK economic reports, we do not expect the BoE to alter its stance when it deliberates monetary policy next week.

The Euro remains buoyed near its record high versus the Dollar near the 1.4440-level. Germany’s October unemployment rate was unchanged at 8.7%, while the unemployment change was -40k, versus -30k from September. In the Wednesday session, traders will digest Germany September retail sales, Eurozone October business climate, consumer sentiment, industrial sentiment, unemployment rate and flash inflation.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. The week continues to be bullish as the pair broke higher to 1.4441, indicating that the major “downward” retracement is not going to happen so soon, even with the Weekly Stochastic being over-bought. Immediate weekly support is at 1.4259, followed by 1.4084, and 1.4035 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4441, which is the pair’s historically high. Weekly Stochastic is seen moving upward again at the 96% level, indicating that though the pair’s upside is limited, it is still attempting to move upward.

From the daily chart, on Tuesday, the price candle reaches a high of 1.4441. Its immediate daily support is at 1.4341 (10-Day Moving Average Line), followed by 1.4280 (Upward Trend-line), and 1.4158 (40-Day Moving Average Line). The Default MACD has turned upward showing an up-trend, while the two pairs of Moving Average Lines are also indicating an up-trend. Daily Stochastic is seen moving upward at the 94% level, indicating a possible continuous upward move over the next few trading days before making another attempt to undergo its major “downward” trend.

From the hourly chart, the pair is seen drifting upward towards 1.4450.

The pair’s upside is limited. However, currently the pair is continuing to break higher, so we may go long for small profits of 30-50 pips on dips.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. This week the price candle is bullish as the pair continues to move higher to a record high of 2.0702, indicating that the pair’s attempt to undergo a downward move is not going to take place so soon. Its immediate weekly resistance is at 2.0702, which is its historical high. Its immediate weekly support is at 2.0600 followed by 2.0398, 2.0356 (13-Week Moving Average Line) and 2.0140. Weekly Stochastic is seen moving upward again at the 92% level, indicating a limited upside.

From the daily chart, Tuesday’s upward move of another 100+ pips is showing that the pair has much upward momentum. Its immediate daily resistance is at 2.0702 while its immediate daily support is at 2.0546, followed by 2.0529 (10-Day Moving Average Line), 2.0480 and 2.0360. The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen moving sideway at the 85% level, indicating that the pair maybe hesitating to move upward. We are still expecting the pair to make another attempt to undergo major downward retracement as its upside is limited.

From the hourly chart, the pair is seen drifting upward towards its historical high of 2.0702.

The pair’s upside is limited. However, there is still momentum for the pair to move higher to around 2.0750. Hence we may go long for small profits of 30-50 pips on dips.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. This week’s price candle has turned from bullish into bearish mode. Its immediate weekly resistance is at 1.1642, followed by 1.1770 (Weekly 23.6% Fibo Level), 1.1848, 1.1904 and 1.1985, while its immediate weekly support is at 1.1502. Weekly Stochastic is seen moving downward at the 10% level, indicating a possible downward move over the next few trading days.

From the daily chart, Tuesday’s bearish candle has wiped out Monday’s gain. The pair’s immediate daily support is at 1.1585, while immediate daily resistance is at 1.1666 (10-Day Moving Average Line), followed by 1.1762 (40-Day Movig Average Line) and 1.1824. The default MACD is showing a downtrend while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are still indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving downward at the 15% level, indicating the pair is undergoing a downward move over the next few trading days.

From the hourly chart, the pair is seen moving downward towards 1.1600 psychological support level.

The pair has lost its momentum to undergo its major “upward” retracement. Its immediate downward target is 1.1600, followed by 1.1550.

USD/JPY

From the weekly chart, this week began as a bullish candle with the pair moving upward 100+ pips. This may be its another attempt to crawl back to its upward channel. However, both the Long MACD and the Moving Average Lines are still indicating a down-trend. Its immediate weekly resistance is at 115.21, 115.61 (Weekly 38.2% Fibo Level) and 116.41.Its immediate weekly support is at 114.15, followed by 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen moving downward at 27% level.

From the daily chart, Tuesday’s downward move did not seem to have much momentum to move downward. The pair’s immediate daily support is at 113.65, while its immediate daily resistance is at 114.70 (10-Day Moving Aerage Line), followed by 115.18 and 115.55 (40-Day Moving Average Line). Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating a downward move. Default MACD is also indicating a downtrend. However, Daily Stochastic is seen moving upward at 58% level, indicating a possible rebound over the next few trading days before resuming its downward move.

From the hourly chart, the pair broke its intra-day resistance at 114.67 and managed to remain above this level.

The pair is seen regathering its upward momentum. It may move upward over the next few trading days before resuming its major downward move.

EUR/JPY

On the weekly chart, this week’s candle begins as a bullish candle. Its immediate weekly support is at 163.63, followed by 163.20 (13-Week Moving Average Line), followed by 161.72 (the lower band of the upward channel), 160.00 and 159.26 (52-Week Moving Average Line). Its immediate weekly resistance is at 168.36 (upper band of the upward channel). Its Long MACD is showing a  down-trend. Weekly Stochastic is seen moving downward at 61% level. However, the pair may make another attempt to move upward over the next few trading days, riding on the strength of the Euro.

On the daily chart, Tuesday’s move broke higher above 165.16. Its immediate daily resistance is at 167.00, while its immediate daily support is at 165.16, followed by 164.75 (Daily 23.6% Fibo Level), 164.50 (10-Day Moving Average Line), 163.59 (40-Day Moving Average Line), 162.73 (89-Day Moving Average Line) and 162.05 (Daily 38.2% Fibo Level). Default MACD is indicating a downtrend while the Long MACD is still indicating an up-trend. Daily Stochastic is seen moving upward at the 93% level, indicating that the pair is riding on the strength of the Euro even as its daily upside is limited.

On the hourly chart, the pair continues to move upward and managed to remain above its intra-day resistance at 165.16. If the pair is able to continue to remain above 165.16, then it may move higher to 166.00 today.

The pair may rebound over the next few trading days, riding on the strength of the Euro before resuming its downward move.

TNT students, please use the updated TNT charting templates that was sent to you on October 28. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.
The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading day ahead!

Cheers,

Clarence

Admin of The Forex Club

Daily TNT Forecast 30th October 2007

Published on 4 years, 6 months ago in forex systems. 0 Comments

Clarence, Forex Club updates on technical views,

US Dollar Index

The major trend of the US Dollar Index is still down. On Monday, the index went to a high of 77.06 before settling at 76.78, which is down by 0.20 compared to the previous week. The low of the week is 76.77. Immediate resistance to the Index is 78.96 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing downward again at 26.28%, indicating that the index is continuing moving downward, resulting in a weakening US Dollar.

General Market Commentary (October 29, 2007) by MG Financial Group:

The Greenback remains under pressure as traders position ahead of this week’s closely anticipated FOMC monetary policy setting meeting. Fed funds futures are fully pricing in a 25-basis point rate cut to 4.50%, thereby dragging the Dollar to fresh record lows against the Euro at 1.4437.

Although the Fed is largely expected to ease by 25-bp, the dollar’s direction will likely be dictated by the accompanying FOMC policy statement and whether further easing can be anticipated. We look for the Fed to maintain a largely neutral stance in its policy statement, with an emphasis on the preemptive nature of the cut “to forestall some of the adverse effects on the broader economy”, as stated last month.

Several key pieces of US economic data are slated for release this week including Q3 GDP, Chicago PMI, September PCE, October manufacturing ISM, September durable goods orders, factory orders and the October labor report. Economic growth in the third quarter is estimated to slip to 3.0%, down from 3.8% previously. Meanwhile, October non-farm payrolls are expected to slip to 80.0k, versus 110.0k from September. The unemployment rate is seen unchanged at 4.7%. Nevertheless, garnering the lion’s share of market attention will be the Fed’s two-day policy setting meeting and accompanying statement scheduled for Wednesday at 2:15 PM.

The Euro rallied to a fresh high against the Dollar at 1.4437 and recovered further versus the Yen toward 165.47. Economic data released from the Eurozone overnight saw Germany’s preliminary CPI and HICP. The October CPI in the Eurozone’s largest economy edged up 0.2% m/m and 2.4% on an annualized basis, versus expectations for an increase of 0.1% m/m and 2.4% y/y. The October preliminary HICP was in line with forecasts, up 0.2% m/m and 2.7% y/y.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. The week began as a bullish candle and broke to a high of 1.4438, indicating that the major “downward” retracement is not going to happen so soon, even with the Weekly Stochastic being over-bought. Immediate weekly support is at 1.4259, followed by 1.4084, and 1.4035 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4438, which is the pair’s historically high. Weekly Stochastic is seen moving upward again at the 96% level, indicating that though the pair’s upside is limited, it is still attempting to move upward.

From the daily chart, on Monday, the price candle reached a high of 1.4438. Its immediate daily support is at 1.4322 (10-Day Moving Average Line), followed by 1.4280 (Upward Trend-line), 1.4154 and 1.4144 (40-Day Moving Average Line). The Default MACD has turned upward showing an up-trend, while the two pairs of Moving Average Lines are also indicating an up-trend. Daily Stochastic is seen moving upward at the 94% level, indicating a possible continuous upward move over the next few trading days before making another attempt to undergo its major “downward” trend.

From the hourly chart, the pair is seen drifting upward towards 1.4450.

We are still bearish towards the pair, as the pair’s upside is limited. Once the pair shows a strong signal of undergoing its major “downward” retracement, we will look to short the pair. However, if the pair continue to break higher, we may go long for small profits of 30-50 pips.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. This week the price candle is bullish as the pair continues to move higher, indicating that the pair’s attempt to undergo a downward move is not going to take place so soon. Its immediate weekly resistance is at 2.0652, which is its historical high. Its immediate weekly support is at 2.0600 followed by 2.0398, 2.0351 (13-Week Moving Average Line) and 2.0140. Weekly Stochastic is seen moving upward again at the 93% level, indicating a limited upside.

From the daily chart, Monday’s upward move of more than 100 pips is a one with much momentum. Its immediate daily resistance is at 2.0652 while its immediate daily support is at 2.0546, followed by 2.0504 (10-Day Moving Average Line), 2.0480 and 2.0360. The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen moving upward at the 89% level, indicating that the pair is still attempting to push higher before attempting to undergo its major “downward” retracement. We are still expecting the pair to make another attempt to undergo major downward retracement as its upside is limited.

From the hourly chart, the pair is seen drifting upward towards its historical high of 2.0652.

We are still bearish towards the pair. Once the pair shows sign of undergoing its major “downward” retracement, we will go short on the pair. However, there is still momentum for the pair to move higher to around 2.0652. Hence we may go long for small profits of 30-50 pips.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. This week’s price candle began as a bullish candle with an upward move of 50+ pips. Its immediate weekly resistance is at 1.1642, followed by 1.1772 (Weekly 23.6% Fibo Level), 1.1848, 1.1904 and 1.1985, while its immediate weekly support is at 1.1502. Weekly Stochastic is seen moving downward at the 13% level, indicating a possible downward move over the next few trading days.

From the daily chart, Monday’s bullish candle shows there is a firm daily support at 1.1607, while immediate daily resistance is at 1.1682 (10-Day Moving Average Line), followed by 1.1771 (40-Day Movig Average Line) and 1.1824. The default MACD is showing a downtrend while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are still indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving downward at the 19% level, indicating the pair is undergoing a downward move over the next few trading days.

From the hourly chart, the pair is seen moving downward but rebounded from a support at 1.1607.

The pair has lost its momentum to undergo its major “upward” retracement. Its immediate downward target is 1.1600, followed by 1.1550.

USD/JPY

From the weekly chart, this week began as a bullish candle with the pair moving upward 80+ pips. This may be its another attempt to crawl back to its upward channel. Both the Long MACD and the Moving Average Lines are still indicating a down-trend. Its immediate weekly resistance is at 115.21, 115.61 (Weekly 38.2% Fibo Level) and 116.41.Its immediate weekly support is at 114.15, followed by 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen moving downward at 27% level.

From the daily chart, Monday’s upward move met a resistance at 114.85 (Daily 61.8% Fibo Level), with next daily resistance at 115.18 and 115.59 (40-Day Moving Average Line), while its daily support is at 113.65, followed by 112.66. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating a downward move. Default MACD is also indicating a downtrend. However, Daily Stochastic is seen moving upward at 50% level, indicating a possible rebound over the next few trading days before resuming its downward move.

From the hourly chart, the pair broke its intra-day resistance at 114.67 before retracing back downward below that level. It may make another attempt to go higher than 114.67 and remain above that level today.

The pair is seen regathering its upward momentum. It may move upward over the next few trading days before resuming its major downward move.

EUR/JPY

On the weekly chart, this week’s candle begins as a bullish candle. Its immediate weekly support is at 163.63, followed by 163.17 (13-Week Moving Average Line), followed by 161.84 (the lower band of the upward channel), 160.00 and 159.25 (52-Week Moving Average Line). Its immediate weekly resistance is at 168.48 (upper band of the upward channel). Weekly Stochastic is seen moving downward at 61% level. However, the pair may make another attempt to move upward over the next few trading days, riding on the strength of the Euro.

On the daily chart, Monday’s move broke above 164.55 (Daily 23.6% Fibo Level). Its immediate daily resistance is at 167.00, while its immediate daily support is at 165.16, followed by 164.28 (10-Day Moving Average Line), followed by 163.50 (40-Day Moving Average Line), 162.67 (89-Day Moving Average Line) and 162.05 (Daily 38.2% Fibo Level). Default MACD is indicating a downtrend while the Long MACD is still indicating an up-trend. Daily Stochastic is seen moving upward at the 92% level, indicating that the pair is riding on the strength of the Euro even its daily upside is limited.

On the hourly chart, the pair continues to move upward and managed to break its intra-day resistance at 165.16. If the pair is able to remain above 165.16, then it may move higher to 165.50 today.

The pair may rebound over the next few trading days, riding on the strength of the Euro before resuming its downward move.

TNT students, please use the updated TNT charting templates that was sent to you on October 28. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.
The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading day ahead!

Cheers,

Clarence

Admin of The Forex Club

Sharing Jose’s System

Published on 4 years, 6 months ago in forex systems. 0 Comments

Here’s a simple system that my friend Jose Leon has compiled on pdf. It’s relatively simple and make uses of Price Action, Support and Resistance.

Jose’s PDF

Download it here. (Right-click and ‘Save As’ to your computer. Note, you’ll need Acrobat Reader to read it)

A clip of the pdf.

As you can see first I joined the low points with a trend line, then I drew another trend line n the highest point to form a channel, and finally I drew 2 new lines: from the last high point in the top of the channel to the nearest high point downwards and from the last low point in the button of the channel to the nearest low point upwards. And now you have a triangle and a channel in your chart. Finally I added the support-resistances to get a good indication about the price with these trend lines.

Now you can see that the price or candle could break one of the lines of this triangle. Actually the green candle is trying to break the top of the triangle, it could break or it could reverse, right?. And you can also see that this green candle is passing the resistance (red points)

Daily TNT Forecast 29th October 07

Published on 4 years, 6 months ago in forex systems. 0 Comments

US Dollar Index

The major trend of the US Dollar Index is still down. Last Friday, the index went to a high of 77.21 before settling at 76.98, which is down by 0.25 compared to Thursday. The low of the week is 76.94. Immediate resistance to the Index is 79.21 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing downward again at 26.91%, indicating that the index has lost its upward momentum for its major “upward” retracement, resulting in a weakening US Dollar. Looks like the RSI has no strength to go up to the 43% level.

General Market Commentary (October 26, 2007) by MG Financial Group:

The Dollar extended its loss versus the Euro and Sterling on expectations that the Fed may cut interest rates again next week. The Dollar Index slumped to a fresh all-time low at 77.035. The Euro approached 1.44 versus the Dollar, while the Sterling rose to as high as 2.0571.

This week’s economic data, including housing sales, durable goods orders, weekly jobless claims and today’s consumer sentiment index, all showed signs of economic growth slow down. University of Michigan consumer sentiment index fell from 83.4 to 80.9 in October, below the estimate of 82.

It is widely expected that the Fed will lower rates by a quarter-percentage point to 4.00%. Under the pressure of housing slump and rising credit costs, the nation’s economic growth may slow down in the future. The overall sentiment on the Dollar is bearish.

Eurogroup Chairman Junker said in a newspaper interview published today that last week’s G7 statement limited to the yuan showed they did not reach agreement on the Yen and Dollar foreign exchange range. He added that he preferred a stronger Euro and the currency’s current trading level was not yet an alarm-causing level. The Euro may rise further to reach next target area at 1.4420-50 versus the Dollar.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. Last week’s price candle turned bullish on Friday after breaking to a high of 1.4393, indicating that the major “downward” retracement is not going to happen so soon, even with the Weekly Stochastic over-bought. Immediate weekly support is at 1.4084, with next support at 1.4022 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4393, which is the pair’s historically high. Weekly Stochastic is seen crossing upward again at the 88% level, indicating that though the pair’s upside is limited, it is still attempting to move upward.

From the daily chart, last Friday the price candle closed at 1.4390 which is only 3 pips below the week’s and day’s high. Its immediate daily support is at 1.4276 (10-Day Moving Average Line), followed by 1.4154 and 1.4116 (40-Day Moving Average Line). The Default MACD is showing a down-trend that is slowly moving upward, while the two pairs of Moving Average Lines are still indicating an up-trend. Daily Stochastic is seen crossing upward at the 79% level, indicating a possible upward move over the next few trading days before making another attempt to undergo its major “downward” trend.

From the hourly chart, the pair is seen making a strong attempt to go higher. Immediate intra-day target is seen as 1.4400.

We are still bearish towards the pair, as the pair’s upside is limited. Once the pair shows a strong signal of undergoing its major “downward” retracement, we will look to short the pair. However, if the pair continue to break higher, we may go long for small profits of 30-50 pips.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. Last week the price candle broke higher to 2.0571, indicating that the pair’s attempt to undergo a downward move is losing its momentum. Its immediate weekly resistance is at 2.0600, followed by 2.0652, which is its historical high. Its immediate weekly support is at 2.0398, followed by 2.0303 (13-Week Moving Average Line) and 2.0140. Weekly Stochastic is seen moving sideway at the 87% level, indicating a limited upside.

From the daily chart, Friday’s attempt to move higher prevented the pair from undergoing a downward move. Its immediate daily resistance is at 2.0546 while its immediate daily support is at 2.0480, followed by 2.0462 (10-Day Moving Average Line) and 2.0360. The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen moving upward at the 83% level, indicating that the pair may still want to push higher before attempting to undergo its major “downward” retracement. We are still expecting the pair to make another attempt to undergo major downward retracement as its upside is limited.

From the hourly chart, the pair is seen breaking the resistance at 2.0545 and then retraced back to below that price level.

We are still bearish towards the pair. Once the pair shows sign of undergoing its major “downward” retracement, we will go short on the pair. However, there is still some momentum for the pair to move higher to around 2.0600.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. Last week’s price candle continues to maintain its bullishness after Friday’s fall. Its immediate weekly resistance is at 1.1642, followed by 1.1772 (Weekly 23.6% Fibo Level), 1.1848, 1.1904 and 1.1985, while its immediate weekly support is at 1.1502. Weekly Stochastic is seen crossing downward at the 30% level, indicating a possible downward move over the next few trading days.

From the daily chart, Friday’s candle continues to be bearish after the dive on Tuesday, Wednesday and Thursday, which seems to be a resumption of the major “downward” trend. Immediate daily resistance is at 1.1706 (10-Day Moving Average Line), followed by 1.1786 (40-Day Movig Average Line) and 1.1824, while its immediate daily support is at 1.1607. The default MACD is showing a downtrend while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are still indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving downward at the 42% level, indicating the pair will undergoing a downward move over the next few trading days.

From the hourly chart, the pair is seen moving downward continuously without any retracement since last Thursday. Expect an upward intra-day retracement before the pair resumes its downward move.

The pair has lost its momentum to undergo its major “upward” retracement. Its immediate downward target is 1.1600.

USD/JPY

From the weekly chart, last week the candle continues to maintain its bullishness. This may be its another attempt to crawl back to its upward channel. Both the Long MACD and the Moving Average Lines are still indicating a down-trend. Its immediate weekly resistance is at 114.15, followed by 115.21, 115.61 (Weekly 38.2% Fibo Level) and 116.41.Its immediate weekly support is at 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen moving downward at 49% level.

From the daily chart, last Friday the pair continues to drift between 114.85 (Daily 61.8% Fibo Level) and 113.65. Its next daily resistance is at 115.18, while its next daily support is at 112.66. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating a downward move. Default MACD is also indicating a downtrend. However, Daily Stochastic is seen moving upward at 42% level, indicating a possible rebound over the next few trading days before resuming its downward move.

From the hourly chart, last Friday’s the price was ranging between the intra-day resistance at 114.36 and the intra-day support at 114.06 in a directionless manner.

The pair is seen to be losing its upward momentum. It may move downward over the next few trading days.

EUR/JPY

On the weekly chart, last week’s candle continues to maintain its bullishness. Its immediate weekly support is at 162.79 (13-Week Moving Average Line), followed by 161.89 (the lower band of the upward channel), 160.00 and 159.01 (52-Week Moving Average Line). Its immediate weekly resistance is at 163.63, followed by 168.11 (upper band of the upward channel). Weekly Stochastic is seen moving downward at 72% level. However, the pair may make another attempt to move upward over the next few trading days, riding on the strength of the Euro.

On the daily chart, last Friday, the pair is moving upward. Its immediate daily resistance 164.55 (Daily 23.6% Fibo Level), followed by 165.16 and 167.00, while its immediate daily support is at 163.93 (10-Day Moving Average Line), followed by 163.34 (40-Day Moving Average Line), 162.56 (89-Day Moving Average Line) and 162.05 (Daily 38.2% Fibo Level). Default MACD is indicating a downtrend while the Long MACD is still indicating an up-trend. Daily Stochastic is seen moving upward at the 67% level, indicating a possible rebound over the next few trading days before resuming its downward move.

On the hourly chart, the pair continues to move upward but met an intra-day resistance at 164.35.

The pair may rebound over the next few trading days, riding on the strength of the Euro before resuming its downward move.

TNT students, please use the updated TNT charting templates that was sent to you on October 28. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.
The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading week ahead!

Cheers,

Clarence

Admin of The Forex Club

TNT Daily Forecast 24th October

Published on 4 years, 6 months ago in forex systems. 0 Comments

Wonder when is his ebook gonna be ready for sale, hmm.

US Dollar Index

The major trend of the US Dollar Index is still down. On Tuesday, the index went to a high of 77.83 before settling at 77.525, which is down by 0.50 compared to Monday. The low of the week is 77.08. Immediate resistance to the Index is 79.253 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing sideway at 29.91%, indicating that the index is again losing its upward momentum in undergoing its major “upward” retracement, resulting a weakening US Dollar. However, there is still room for the RSI to go up to the 43% level.

General Market Commentary (October 23, 2007) by MG Financial Group:

The Dollar pared its gains against the Euro and Sterling as the bearish sentiment over the Dollar does not change after Monday’s unexpected Dollar strength. The Euro rebounded back to around 1.4250 versus the Dollar, while the Sterling passed through 2.05 against the Dollar.

The market will focus on US housing data this week and the FOMC next week. US existing home sales due tomorrow is seen to fall from an annual rate of 5.5 million units to 5.25 million in September. Also new home sales will be released on Thursday. The housing slump will continue to weigh on the nation’s economy and therefore put pressure on the Fed to cut rates.

Interest rate futures indicate that traders are pricing in a nearly 90 percent chance that the Fed will cut rates by a quarter percentage point to 4.50 percent at its Oct 31 policy meeting.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. This week’s price candle maintains its bearishness after the pair’s rebound on Tuesday, indicating that the pair is still attempting to undergo its major “downward” retracement. Immediate support is at 1.4084, with next support at 1.4022 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4343, which is the pair’s historically high. Weekly Stochastic is seen trending sideway at the 84% level, indicating that the pair’s upside is still limited.

From the daily chart, Tuesday’s rebound helps the pair to regain back half of its Monday’s loss, signaling the pair is still struggling to undergo its major downward” retracement. Its immediate daily resistance is at 1.4343, while daily support is at 1.4207, followed by 1.4154, 1.4065 and 1.4000. The Default MACD is showing a down-trend while the two pairs of Moving Average Lines are still indicating an up-trend. Daily Stochastic is seen crossing downward at the 63% level, indicating a possible downward move over the next few trading days. We are expecting the pair to undergo a major “downward” retracement, as its upside is limited.

From the hourly chart, the pair broke its intra-day resistance at 1.4187 and is now approaching its next intra-day resistance at 1.4260.

We are bearish towards the pair, as the pair’s upside is limited. If the pair continues to undergo its major “downward” retracement, we look forward to short the pair.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. On Tuesday the price candle turns into a doji, indicating that Tuesday’s rebound has recovered the pair’s loss on Monday. Its immediate weekly resistance is at 2.0652, which is its historical high. Its immediate weekly support is at 2.0398, followed by 2.0300 (13-Week Moving Average Line), followed by 2.0140. Weekly Stochastic is seen moving sideway at the 86% level, indicating a limited upside.

From the daily chart, Tuesday’s strong rebound recovers the loss incurred on Monday, indicating that the major “downward” retracement has again lost its momentum. Its immediate daily resistance is at 2.0546, while its immediate daily support is at 2.0480, followed by 2.0422 (10-Day Moving Average Line), 2.0360, 2.0322 (40-Day Moving Average Line). The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen moving downward at the 70 level, indicating that the pair is still making an attempt to undergo its major “downward” retracement. We are still expecting the pair to make another attempt to undergo major downward retracement as its upside is limited.

From the hourly chart, the pair is has reached above 2.0500. Both the hourly and 4 hourly charts are showing the pair to be over-bought.

We are still bearish towards the pair. If the pair continues to undergo its major “downward” retracement, we will go short on the pair.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. This week’s candle continues to maintain its bullishness after Tuesday’s fall. Its immediate weekly resistance is at 1.1772 (Weekly 23.6% Fibo Level), followed by 1.1848, 1.1904 and 1.1985, while its immediate weekly support is at 1.1642. Weekly Stochastic is still pointing upward at the 37% level, indicating a possible major “upward” retracement is on the way.

From the daily chart, Tuesday’s bear candle may just indicate a secondary “downward” retracement. We need a confirmation based on Wednesday‘s candle. Immediate daily resistance is at 1.1739 (10-Day Moving Average Line), followed by 1.1824, while its immediate daily support is at 1.1607. The default MACD is showing a downtrend while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are still indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving upward at the 39% level, indicating the pair is undergoing a possible major “upward” retracement.

From the hourly chart, the pair met a firm intra-day resistance at 1.1777 (Intra-day 23.6% Fibo Level) and retraces back to its support a 1.1717.

The pair is undergoing its major “upward” retracement and we are watching to go long on the pair on pull-backs.

USD/JPY

From the weekly chart, this week the candle continues to maintain its bullishness. This may be its another attempt to crawl back to its upward channel. Both the Long MACD and the Moving Average Lines are still indicating a down-trend. Its immediate weekly resistance is at 115.21, followed by 115.61 (Weekly 38.2% Fibo Level) and 116.41.Its immediate weekly support is at 114.15, followed by 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen crossing downward at 51% level.

From the daily chart, the pair met a firm resistance at 114.85 (Daily 61.8% Fibo Level), with next resistance at 115.18. Immediate daily support is at 113.65. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating a downward move. Default MACD is also indicating a downtrend. However, Daily Stochastic is seen crossing upward at 21% level, indicating a possible rebound this week before resuming its downward move.

From the hourly chart, the pair has breached its intra-day resistance at 114.67, and is seen moving towards its next resistance at 115.20 (Intra-day 100% Fibo Level).

The pair looks like undergoing a possible secondary “upward” retracement. We may go long  for small profits, otherwise wait for it to resume its major “downward” retracement and go short on it.

EUR/JPY

On the weekly chart, this week’s candle turns bullish on Tuesday due to  the strength of the Euro. Its immediate weekly support is at 162.68 (13-Week Moving Average Line), followed by 161.53 (the lower band of the upward channel), 160.00 and 158.93 (52-Week Moving Average Line). Its immediate weekly resistance is at 163.63, followed by 168.08 (upper band of the upward channel). Weekly Stochastic is seen moving downward at 70% level. The pair may make another attempt to undergo a major “downward” retracement.

On the daily chart, the pair met strong support at 162.07 (Daily 38.2% Fibo Level) on Tuesday. Its immediate daily resistance is at 164.19 (10-Days Moving Average Line), followed by 165.16, while immediate daily support is at 163.31 (40-Day Moving Average Line), followed by 162.49 (89-Moving Average Line) and 160.92. Default MACD is indicating a downtrend while Daily Stochastic is seen crosiing upward at the 27% level, indicating a possible rebound this week before resuming its downward move.

On the hourly chart, the pair has breached above the price level of 163.55. The pair may do a pullback down to 162.35 today.

The pair may undergo a secondary “upward” retracement this week. We are watching to buy on pull-back for small profits.
TNT students, please use the updated TNT charting templates that was sent to you on October 20. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.
The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading day ahead!

Cheers,

Clarence

Admin of The Forex Club

TNT Daily Forecast – 23rd October

Published on 4 years, 6 months ago in forex systems. 0 Comments

Clarence shares his views on the majors with all TNT and non TNT students,

US Dollar Index

The major trend of the US Dollar Index is still down. On Monday, the index went to a high of 78.17 before settling at 77.96, which is up by 0.59 compared to last Friday. The low of the week is 77.08. Immediate resistance to the Index is 79.29 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing upward at 33.86%, indicating that the index is gaining its upward momentum to undergo its major “upward” retracement, resulting a strengthening US Dollar. There is still room for the RSI to go up to the 43% level.

General Market Commentary (October 22, 2007) by MG Financial Group:

The Dollar dropped initially against the Yen and the Euro after the G7 statement released late last Friday. The Dollar tumbled to a fresh low at 1.4348 against the Euro.

There was no change in the language regarding the currencies. The G7 just repeated that excess volatility in foreign exchange is undesirable. Apart from urging China to allow its currency appreciate more rapidly, G7 finance ministers and central bankers did not mention any other currencies including the weak Yen and Dollar and the strong Euro.

Besides, the G7 indicated that record oil prices and US housing and credit sector slump will impede economic growth. This prompted investors to cut back risk appetite and reduce carry trades. The Yen rallied sharply against high yielding currencies. The Yen rallied to session low at 113.26 against the Dollar, and strengthened to 230.35 versus the Sterling and 160.48 versus the Euro.

With no key data releasing till Wednesday, the foreign exchange market will continue to focus on carry trades and equity market.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. This week’s price candle appears bearish and almost wipes away all of last week’s gain, indicating that the pair is making another strong attempt to undergo its major “downward” retracement. Immediate support is 1.4084, with next support at 1.4022 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4343, which is the pair’s historically high. Weekly Stochastic is seen crossing downward at the 82% level, indicating that the pair’s upside is still limited.

From the daily chart, Monday’s price candle indicates a drop of more than 150 pips, signaling a possible attempt for the pair to undergo its major downward” retracement. Its immediate daily resistance is at 1.4343, while daily support is at 1.4154, followed by 1.4065 and 1.4000. The Default MACD is showing a down-trend while the two pairs of Moving Average Lines are still indicating an up-trend. Daily Stochastic is seen crossing downward at the 71% level, indicating a possible downward move over the next few trading days. We are expecting the pair to undergo a major “downward” retracement, as its upside is limited.

From the hourly chart, the pair is seen supported at 1.4120, with immediate intra-day resistance at 1.4187.

We are bearish towards the pair, as the pair’s upside is limited. If the pair continues to undergo its major “downward” retracement, we look forward to sell on rebound.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. On Monday the price candle appears bearish as it wipes away all the gains of the previous week. Its immediate weekly resistance is at 2.0398. Its immediate weekly support is at 2.0273 (13-Week Moving Average Line), followed by 2.0140. Weekly Stochastic is seen crossing downward at the 79% level, indicating a limited upside.

From the daily chart, Monday’s price candle appears bearish, indicating a drop of more than 250 pips, signaling a possible attempt for the pair to undergo its major “downward” retracement. Its immediate daily resistance is at 2.0360, followed by 2.0401 (10-Day Moving Average Line) 2.0480, while its immediate daily support is at 2.0312 (40-Day Moving Average Line), followed by 2.0200 and  2.0155 (Daily 23.6% Fibo Level).The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen crossing downward at the 69 level, indicating that the pair is making another attempt to undergo its major “downward” retracement. We are still expecting the pair to make another attempt to undergo major downward retracement as its upside is limited.

From the hourly chart, the pair reached the low of  2.0255 and then rebounded above the Intra-day 23.6% level.

We are still bearish towards the pair. If the pair continues to undergo its major “downward” retracement, we will go short on the pair when it rebounds.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. This week’s candle appears bullish and rose by more than 150 pips. Its immediate weekly resistance is at 1.1848, followed by 1.1904 and 1.1985, while its immediate weekly support is at 1.1772 (Weekly 23.6% Fibo Level), followed by 1.1642. Weekly Stochastic is still pointing upward at the 41% level, indicating a possible major “upward” retracement is on the way.

From the daily chart, Monday’s bull candle is indicating another attempt for the pair to undergo a major “upward” retracement. Immediate daily resistance is at 1.1809 (40-Day Moving Average Line), followed by 1.1824, while its immediate daily support is at 1.1744 (10-Day Moving Average Line), followed by 1.1607. The default MACD is showing a downtrend while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are still indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving upward at the 26% level, indicating the pair is undergoing a possible major “upward” retracement.

From the hourly chart, the pair reached its Intra-day 23.6% Fibo Level at 1.1776. A break above 1.1800 will indicate a continuation of its uptrend.

The pair is undergoing its major “upward” retracement and we are watching to go long on the pair on pull-backs.

USD/JPY

From the weekly chart, this week the candle appears to be bullish, showing a rise of more than 100 pips. This may be its another attempt to crawl back to its upward channel. Both the Long MACD and the Moving Average Lines are still indicating a down-trend. Its immediate weekly resistance is at 115.21, followed by 115.61 (Weekly 38.2% Fibo Level) and 116.41.Its immediate weekly support is at 114.15, followed by 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen crossing downward at 50% level, indicating a possible beginning of a major downward move in the next few trading days.

From the daily chart, the pair met a support at 113.65 and rebounded, which may be a secondary “upward” retracement. The pair is seen moving towards its immediate daily resistance at 114.85 (Daily 61.8% Fibo Level), followed by 115.18. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating a downward move. Default MACD is also indicating a downtrend. Daily Stochastic is seen crossing upward at 12% level, indicating a possible rebound this week before resuming its downward move.

From the hourly chart, the pair is seen moving upward towards the 114.67 intra-day resistance.

The pair looks like undergoing a possible secondary “upward” retracement. We  may go long  for small profits, otherwise wait for it to resume its major “downward” retracement and go short on it.

EUR/JPY

On the weekly chart, this week’s candle appears bearish, showing a drop of more than 200 pips before recovering with a rebound above the lower band of its upward channel. Its immediate weekly support is at 161.53 (the lower band of the upward channel), followed by 160.00 and 158.93 (52-Week Moving Average Line). Its immediate weekly resistance is at 163.63, followed by 168.08 (upper band of the upward channel). Weekly Stochastic is seen moving downward at 67% level. The pair maybe undergoing a possible major “downward” retracement.

On the daily chart, the pair met strong support below 162.07 (Daily 38.2% Fibo Level). Its immediate daily resistance is at 163.31 (40-Days Moving Average Line). Default MACD is indicating a downtrend. Daily Stochastic is seen crosiing upward at the 16% level, indicating a possible rebound this week before resuming its downward move.

On the hourly chart, the pair is seen supported at 161.35, with next intra-day support at 160.63.

The pair may undergo a secondary “upward” retracement this week. We are watching to buy on pull-back for small profits.
TNT students, please use the updated TNT charting templates that was sent to you on October 20. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.
The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading day ahead!

Cheers,

Clarence

Admin of The Forex Club

TNT Daily Forecast – 21 October

Published on 4 years, 7 months ago in forex systems. 0 Comments

US Dollar Index

The major trend of the US Dollar Index is still down. Last Friday, the index went to a high of 77.57 before settling at 77.37, which is down by 0.15 compared to the previous day. The low of the week is 77.33. Immediate resistance to the Index is 79.51 (13-Week Moving Average Line), followed by 80.00.

Currently the RSI is pointing downward at 28.44%, indicating that the index has lost its momentum to undergo its major “upward” retracement, hence a weakening US Dollar.

General Market Commentary (October 19, 2007) by MG Financial Group:

The Yen rallied across the board in the Friday session amid a slide in global equities. The Greenback, which initially tumbled against the Euro and Sterling, recovered amid profit taking heading into this weekend’s G7 Finance Ministers meeting. We’re not anticipating the G7 communiqué to single out Dollar weakness, but do expect increased pressure on China to hasten currency flexibility. It will be important to focus closely on post-meeting commentary from Eurozone officials as there will be scope for criticism of recent Euro strength impeding on trade competitiveness.

UK’s Finance Minister Alistair Darling said that while there was a mix of views among the G7 on exchange rates, he reiterated that forex levels should be determined by markets. Meanwhile, Canada‘s Finance Minister Flaherty said he would not be surprised to see stronger language in the communiqué on China’s foreign exchange policy. Further, he expects vigorous discussion on the topic at the meeting. We look for the Yen to remain buoyed heading into the meeting, given the currency’s characteristic to trade as a proxy to China’s Yuan.

The Dollar’s near-term direction will likely remain linked to sentiment over upcoming Fed policy decisions. Earlier in the session, Fed Funds futures were pricing in a 98% chance of a rate cut at the end of the month, up from over 70% yesterday and just over 30% a week earlier. Recent economic data continues to point towards further deterioration in the housing market, but have yet to reveal any spillover effects on the consumer. Next week’s US economic calendar is light but will provide additional gauges on the housing market, with the releases consisting of existing home sales, new home sales, durable goods orders and weekly jobless claims.

Fed Chairman Bernanke said central bank predictability was important in making long-term rates respond to Fed actions. He reiterated that central banks should strive for transparency, predictability and avoid overreactions. However, he provided little insight into the FOMC’s policy deliberations in the coming weeks.

Cable edged out to a fresh multi-month high at 2.0522 on the heels of stronger than expected growth data. The report revealed robust GDP growth for Q3 at 3.3% annualized, versus 3.1% a year earlier and 0.8% q/q. The Bank of England remains in a precarious situation amid tightening credit conditions, lingering inflationary pressure and strong economic growth. We now expect the BoE to remain on hold for the remainder of the year at 5.75%.

EUR/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. Last week’s price candle was bullish and it broke the previous high of 1.4300 and reached 1.4318, indicating that the pair has lost its momentum to undergo its major “downward” retracement. Immediate support is 1.4084, with next support at 1.4025 which is the upper band of the upward channel. Immediate weekly resistance is at 1.4318, which is the pair’s historically high. Weekly Stochastic is seen crossing downward at the 83% level, indicating that the pair’s upside is still limited.

From the daily chart, the price candles are still above the 10-Day Moving Average Line. Its immediate daily resistance is at 1.4318, while daily support is at 1.4210 (10-Day Moving Average Line), followed by 1.4154 and 1.4065. The Default MACD is showing a down-trend while the two pairs of Moving Average Lines are still indicating an up-trend. Daily Stochastic is seen moving upward at the 78% level, indicating a possible upward move over the next few trading days. However, sometime this week we are expecting the pair to make another attempt for a major “downward” retracement, as its upside is limited.

From the hourly chart, the pair is currently ranging between 1.4318 and  1.4260.

We are still bearish towards the pair, as the pair’s upside is limited. However, we need to wait for a clear signal to indicate that the pair is undergoing its major downward retracement before going short on the pair.

GBP/USD

From the weekly chart, the pair is on a major “upward” move, as indicated by the Long MACD and the Moving Average Lines. Last week the price candle was bullish, as the pair moved above  2.0500, its recent high in weeks. Its immediate weekly resistance is at 2.0652, which is its historical high. Its immediate weekly support is at 2.0398, followed by 2.0267 (13-Week Moving Average Line) and 2.0140. Weekly Stochastic is seen crossing downward at the 85% level, indicating a limited upside.

From the daily chart, the price candles are still above its 10-Day Moving Average Line. Its immediate daily resistance is at 2.0546, while its immediate daily support is at 2.0401 (10-Day Moving Average Line), followed by 2.0360 and 2.0302 (40-Day Moving Average Line).The pair’s short-term moving average lines (10 and 40-Day) are still indicating an uptrend. Daily Stochastic is seen moving upward at the 76% level, indicating that the pair may continue its upward move for a few more trading days. However, we are still expecting the pair to make another attempt to undergo major downward retracement sometime this week.

From the hourly chart, the pair has broken upward above its previous trading range of 2.0307 (Hourly 23.6% Fibo Level) – 2.480, to a high of 2.0512 (Last Friday’s R1).

We are still bearish towards the pair, waiting to short the pair when it makes another to undergo its major “downward” retracement.  We will only act when the pair shows a clear downward trend.

USD/CHF

From the weekly chart, the pair is on a major “downward” move, as indicated by the Long MACD and the Moving Average Lines. However, last week the pair met a firm resistance at 1.1848 and went south after that, with 1,1642 as its immediate weekly support. Weekly Stochastic is still pointing upward at the 33% level, indicating a possible recovery this coming week.

From the daily chart, the pair is seen on a bearish move and is seen approaching the next daily support at 1.1625. Immediate daily resistance is at 1.1767 (10-Day Moving Average Line), followed by 1.1824. The default MACD is showing a downtrend while the short-term moving average lines (10-Day and 40-Day Moving Average Lines) are still indicating that the pair is on its major “down” trend. The Daily Stochastic is seen moving downward at the 19% level, indicating the pair may recover or rebound sometime this coming week.

From the hourly chart, the pair has broken two key intra-day support at 1.1760 and 1.1717 over the past two days. The pair needs to break above these two levels to indicate a strong rebound. Otherwise, it is still weak as long as it remains below these levels.

We are waiting for the pair to resume its major “upward” retracement and go long on the pair.

USD/JPY

From the weekly chart, last week the pair failed in its attempt to crawl back to its upward channel. Both the Long MACD and the Moving Average Lines are still indicating a down-trend. This week the pair met firm resistance at 117.93 (52-Week Moving Average Line) and went south after that. Its immediate weekly support is at 114.15, followed by 113.00 (Weekly 50% Fibo Level) and 112.58. Weekly Stochastic is seen going to cross downward at 72% level, indicating a possible beginning of a major downward move.

From the daily chart, the pair has broken its daily support at 115.18 and is seen approaching the 113.65 daily support level. Its short-term (10-Day and 40-Day) moving average lines have crossed downward again indicating its downward move. Default MACD is indicating a downtrend. Daily Stochastic is seen pointing downward at the 13% level, indicating a possible rebound this week before resuming its downward move.

From the hourly chart, the pair is on its downward move, breaking intra-day support levels at 115.83, 115.60, 115.20 and 114.67.

We will look for a rebound and then go short on the pair.

EUR/JPY

On the weekly chart, last week the pair met firm resistance at the upper band of its upward channel (i.e. 167.89) and went south, like its counterpart USD/JPY, and reached a weekly support level at 163.63, with next weekly support at 162.69 (13-Week Moving Average Line). Weekly Stochastic is seen crossing downward at 84% level. The pair maybe undergoing a possible major “downward” retracement.

On the daily chart, the pair broke a key daily support at 165.16 and went south towards the 163.39 (40-Day Moving Average Line). Default MACD is beginning to  indicate a downtrend. Daily Stochastic is seen moving downward at the 20% level, indicating a possible rebound this week before resuming its downward move.

On the hourly chart, the pair is currently supported at 116.80.

We are now bearish towards this pair. Watching to sell on rebound.

TNT students, please use the updated TNT charting templates that was sent to you on October 20. Any resistance or support levels not found in the charts, please manually update them yourself as we will be sending you the next updated charting templates this coming Sunday.
The above analysis can also be used by our non-TNT students as a guide to their own trading. We welcome feedback from our non-TNT students regarding the effectiveness of this Daily TNT Market Analysis for your trading.

Have a great trading day ahead!

Cheers,

Clarence

Admin of The Forex Club

TNT Daily Forecast – 19 October, Stay Away From Market

Published on 4 years, 7 months ago in forex systems. 0 Comments

Clarence says, stay away from Market today!

Hi everyone,

There will be no TNT Market Analysis today as we are discouraging our TNT students and Group members to trade today due to the coming G7 Finance Ministers’ Meeting this weekend at Washington DC. We are expecting the forex market to be either very volatile or range tight. So do stay away from the market just for today.

Cheers,

Clarence

Admin of The Forex Club