General Market Outlook - September 14, 2014
I'm keeping it short this week because I don't see many opportunities right now. Nothing clear cut anyways. One of my trading rules is "when in doubt, don't trade" so I'm going to stick to that. Plus, I'm pretty sure you guys would appreciate if I simply said "I don't know" rather than make up some bullshit.
*****INTERESTING PAIRS*****
EUR/USD - Nothing's changed. Refer to my levels in last week's analysis: tradingview.com/v/l28WHC8n/
USD/JPY - Price is at the top trend line of the rising wedge right now. I'd be interested in opening shorts at market open assuming no gap. There's also the downward trend line as well, stretching back to 2002 but that's 200 pips away, so set your stop loss accordingly.
*****CONFUSING PAIRS*****
AUD/USD - Possible inverted head and shoulder, looking for price to bounce around 0.885X, so price is bearish until then.
GBP/USD - Price might close the gap at 1.632X then drop down?
USD/CAD - No Comment
XAG/USD - Descending Triangle might break down? The 18.6X level was resistance back in 2010 and has been support since 2013. Will it hold now?
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Note: Refer to last week's General Market Outlook if something doesn't make sense.
Risk Disclaimer: My analysis is provided solely as an educational tool. Should you decide to trade based on my analysis, do so at your own risk. I am not liable for any loss that you may incur. Do not trade with money you cannot afford to lose.
Trade Disclosure: All open positions are disclosed above, if I don't mention having one then it should be assumed at all times that I plan to trade based on my analysis, so take this into consideration as I may be biased.
*****INTERESTING PAIRS*****
EUR/USD - Nothing's changed. Refer to my levels in last week's analysis: tradingview.com/v/l28WHC8n/
USD/JPY - Price is at the top trend line of the rising wedge right now. I'd be interested in opening shorts at market open assuming no gap. There's also the downward trend line as well, stretching back to 2002 but that's 200 pips away, so set your stop loss accordingly.
*****CONFUSING PAIRS*****
AUD/USD - Possible inverted head and shoulder, looking for price to bounce around 0.885X, so price is bearish until then.
GBP/USD - Price might close the gap at 1.632X then drop down?
USD/CAD - No Comment
XAG/USD - Descending Triangle might break down? The 18.6X level was resistance back in 2010 and has been support since 2013. Will it hold now?
-------------------------------------------------
Note: Refer to last week's General Market Outlook if something doesn't make sense.
Risk Disclaimer: My analysis is provided solely as an educational tool. Should you decide to trade based on my analysis, do so at your own risk. I am not liable for any loss that you may incur. Do not trade with money you cannot afford to lose.
Trade Disclosure: All open positions are disclosed above, if I don't mention having one then it should be assumed at all times that I plan to trade based on my analysis, so take this into consideration as I may be biased.
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