Charts Tech Analysis

[NickThePip]

Hi, I am Nick, technical trader (with an eye always open for fundamentals). Focused on the majors, especially EU seems to respond to Techs better than any other pair right now.
Hope to learn from those who know more than I do and help those who know less. All (constructive) criticism and feedback welcome. Remember being very confused about the basics when I started, S/R levels, trends, channels etc...
Hoping this will help some. Not much faith in most indicators, faithful to precise S/R historical (1h-daily) levels, trend lines, channels etc...

Key S/R levels and channel. EUR still clearly going down. Could see a reversal pretty soon although nothing in Trichet's speech this morning made that very likely. Look for a hold of 1.3026, strong S. If the market can't break 1.3026, a break of the channel on the upside could signify a trend reversal. Look for key R levels after that, 1.3431 being very important. After that potential break, not much to stop the market until 1.3650 and 1.3750.

 

[NickThePip]

USD CHF.

Clear upward channel on the 4 hour chart. 1.1276 historically extremely strong R/level. Violent bounce on 9.19.08 as well on daily chart.
1.1132 historically strong as well. channel in between right now. Look for a break on either side. 1.1276 could be very strong pivot point for trend reversal, potentially confirmed by break of channel on the bottom side and 1.1132 S.
Would also confirm trend reversal on EU if cannot break 1.3026 S. Look for correlation between pairs.
On the flip side, a clear break of 1.1276 and the channel would probably mean a continuation of the retracement back to monthly highs over longer term.




Nick

 

[NickThePip]

USD JPY.



Overall downward trend but expending channel, meaning short term trend lines highs getting higher and lows getting lower, indicating release of pressure as opposed to the contrary when channel is contracting and one the verge of breaking under the pressure very hard one way or another.

Price right now at intersection of upward trend line; 90.00 level also very strong historical Resistance. If channel plus upward trend plus 90.00 level broken substantially, sign of possible strong continuation from yesterday's move, would definitely not hold short position after such break. On the other side, good opportunity for potential strong retracement from same yesterday move, potentially to the lows of downward trend line/channel.





NickThePip