To target 1.1700’s, EUR/USD must cross massive hurdles at 1.1601, 1.1613. 1.1654 and 1.1681. Bottoms are located at 1.1533, 1.1519 and big break at the 5 year average 1.1490. Immediate targets on a break of 1.1490 are found at 1.1457, 1.1429, 1.1379, 1.1258 and 1.1197.
Break below 1.1490 on the way to 1.0800’s. Overall EUR/USD ranges from 1.1490 to 1.1601, and 1.1613 and no significant changes over the past 3 and 4 weeks.
Day trades for today and 5 numbers: 1.1519, 1.1543, 1.1554, 1.1607 and 1.1638. Watch 1.1607.
USD/JPY immediate targets on a break of 112.21 are located at 111.12 then 110.91 and 110.06.
Day trades for today and 5 numbers 112.31, 112.54, 112.72, 113.16 and 113.47.
Correlations run correctly at -96% for EUR/USD V USD/JPY.
JPY Cross Pair Results
As posted Oct 15,
GBP/JPY target 151.78 achieved lows so far at 152.69 from 158.00 highs and the trade runs +600 pips in less than 1 month. Only trade requirement was click and go live life.
EUR/JPY targets 129.24 from 132.00 highs. Lows achieved so far 130.63. The trade runs + 132. pips. Only trade requirement was click and go live life.
NZD/JPY targets 76.57. As reported, NZD/JPY was least favored among JPY cross pairs. Lows achieved 80.11 so far from 81.00 highs. Correct as least favored. yet the trade runs + 100 ish pips.
CAD/JPY targets 88.36. CAD/JPY achieved lows so far at 90.41 from 92.00 highs. The trade runs +200 ish pips.
AUD/JPY targets 81.33 from 84.00 highs. Lows achieved so far 82.99 and the trade runs +100 pips.
USD/JPY and JPY cross pairs still contain a long way to drop.
Note. No stops, charts, Fibs and the fallacy of the 4 hour chart. Professional traders and those with a strategy don’t use technical analysis and its why they are able to profit consistently.
Technical analysis is where trading begins but eventually a trader must advance to a strategy & constantly build on the strategy for trade improvement and ease of trades. The goal is most profits in the easiest of ways.
Takes many years but the concept to improved strategies never ends in the search to find easier ways to trades and profits. Technical analysis is good as a beginner trader because found will be all the many ways technical analysis doesn’t work and results in losses.
Traders will then reach the point when its time to improve on a strategy or losses will mount and markets will bounce all from existence.
Only then consideration to good or professional trader status is earned by understanding and this leads to consistent. profits. As stated many times, understanding is 1/2 the battle to winning but understanding to the price is required otherwise trading roads remain rocky and full of holes.