FOREX Corner
Date: 07/27/2008
Time:11:55 am ET
For Monday I didn’t find exactly setup chart but I found several interesting what I will follow during day. First I like to say that as in stocks or any instruments my focus is low risk setup and for me that mean setup where I can make reasonable trading plan with at least twice bigger reward possibility then risk what I will use.
USDCHF
I like weekly chart (flag and I draw action what we can get and what chart suggest after flag consolidation.
Equal move will be 50sma and previous low resistance area and that is action what I will follow. I use weekly charts not for setup just for possible direction. For setup I will follow 60 min chart. After nice strong move up with buying pace obviously bigger then selling pace in to low chart pulled back. For setup it must stay above 20sma (blue line) and if that will be case on the 5/15 min charts I will look for setup. This is just idea for now.
USDCAD
I post last week this chart:
This is just example how I look on all this. I didn’t took it as swing trade but I was look for intraday setups. It is always good to see direction on bigger time frames what can help for intraday setups:
USDJPY
It is for now just idea too. I like 60 min base, but for low risk setup need to stay longer in base. But if will anyway, go and bounce from 10sma (brown line) I will take it, but with less risk then usual. It will be early breakup and trading risk will be higher
GBPJPY
Close chart as USDJPY. It is something what I will watch. If will bounce from 10sma (brown line) then I will look for previous high target area. But if consolidation will continue then I will look for 50sma weekly resistance area.
As told above all charts are now on watch list for me. All updates I will send when I will see low risk setups.
Good trading!!!
Ivica
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