Oct
28Daily Forex Market Analysis - 28 Oct 2008
Filed Under (Daily Forex Market Analysis) by Trader on 28-10-2008
Tagged Under : Forex Market Analysis, Market Commentary
Below is an extract of the daily Forex Market Analysis Report that Clarence Chee sent out to his Forex Trading students on the morning of 28 Oct 2008 regarding the outlook of the Forex market and his trading plan for the day.
EUR/USD
Based on the Fib Levels drawn from Oct 21 high to Oct 27 low:
1. We are looking to sell the pair based on TNT (PIPS) signals below 1.2574 (23.6% Fib Level), or
2. We are looking to buy the pair based on TNT (PIPS) signals above 1.2574 (23.6% Fib Level).
We will use the S/R Levels on the hourly charts and the resistance and support levels on the daily and weekly charts as our possible target profits. For both cases, prices must be trendy and not choppy.
GBP/USD
Based on the Fib Levels drawn from Oct 21 high to Oct 24 low:
1. We are looking to sell the pair based on TNT (PIPS) signals below 1.5721 (23.6% Fib Level), or
2. We are looking to buy the pair based on TNT (PIPS) signals above 1.5721 (23.6% Fib Level).
We will use the S/R Levels on the hourly charts and the resistance and support levels on the daily and weekly charts as our possible target profits. For both cases, prices must be trendy and not choppy.
USD/CHF
Based on the Fib Levels drawn from Oct 16 low to Oct 24 high:
1. We are looking to buy the pair based on TNT (PIPS) signals above the PIPS Weekly Pivot, or
2. We are looking to sell the pair based on TNT (PIPS) signals below the PIPS Weekly Pivot.
We will use the S/R Levels on the hourly charts and the resistance and support levels on the daily and weekly charts as our possible target profits. For both cases, prices must be trendy and not choppy.
USD/JPY
Based on the Fib Levels drawn from Oct 21 high to Oct 24 low:
1. We are looking to sell the pair based on TNT (PIPS) signals below 93.56(23.6% Fib Level), or
2. We are looking to buy the pair based on TNT (PIPS) signals above 93.56 (23.6% Fib Level).
We will use the S/R Levels on the hourly charts and the resistance and support levels on the daily and weekly charts as our possible target profits. For both cases, prices must be trendy and not choppy.
EUR/JPY
Based on the Fib Levels drawn from Oct 22 high to Oct 24 low:
1. We are looking to sell the pair based on TNT (PIPS) signals below 117.67 (23.6% Fib Level). or
2. We are looking to buy the pair based on TNT (PIPS) signals above 117.67 (23.6% Fib Level).
We will use the S/R Levels on the hourly charts and the resistance and support levels on the daily and weekly charts as our possible target profits. For both cases, prices must be trendy and not choppy.
USD/CAD
Based on the Fib Levels draw from Oct 23 low to Oct 27 high:
1. We are looking to buy the pair based on TNT (PIPS) signals above 1.2851 (23.6% Fib Level), or
2. We are looking to sell the pair based on TNT (PIPS) signals below 1.2851 (23.6% Fib Level).
We will use the S/R Levels on the hourly charts and the resistance and support levels on the daily and weekly charts as our possible target profits. For both cases, prices must be trendy and not choppy.
AUD/USD
Based on the Fib Levels drawn from Oct 22 high to Oct 27 low:
1. We are looking to buy the pair based on TNT (PIPS) signals above 0.6199 (23.6% Fib Level), or
2. We are looking to sell the pair based on TNT (PIPS) signals below 0.6199 (23.6% Fib Level).
We will use the S/R Levels on the hourly charts and the resistance and support levels on the daily and weekly charts as our possible target profits. For both cases, prices must be trendy and not choppy.





