Watchlist for Sunday, October 18, 2009
Day/Date: Sunday, October 18, 2009
Watchlist:
| Pair | Daily | 4h | 1h |
| CADJPY | HUGE Ascending triangle w/ the 800sma above price. | Consolidating along the first 200% extension. | Long above 88 or short below 87.20 |
| EURJPY | Tightening w/in its range. | Sharp movement w/o retrace. Likely to, at least consolidate awhile. | Long above 136, short below 135 |
| EURUSD | New higher high after breakout from 800sma, and looking to consolidate along that first 200% extension | May need to dip back down or consolidate longer before a bigger climb. | I’m still long this pair, but a new entry could be long above 1.4965 or short below 1.4815, everything w/in that area is likely to whipsaw and tighten. |
| GBPCHF | Major bounce away from support. Second attempt at the 800sma coming? | Sitting right at the retracement level we looked at last week. There is another sitting at 1.6980 | Price didn’t retest 1.63 before climbing, but the pair seems destined for the 800sma. Long above 1.6685, short below 1.6530 |
| GBPJPY | Major rejection of support, but still within the bounds of the descending channel | Left 1.44 w/o a retrace, but hit the retracement level from previous sharp movement at 148. | Long above 149.50, short below 148 |
| GBPUSD | Major rejection of support, but still within the bounds of the descending channel | Still on its way to its 200% extension level but late for an entry. | Tightening up…could retrace to 1.6135 or continue to the 200% 4h extension @ 1.6470 |
| NZDUSD | Consolidating along its 2nd 200% extension level. | Divergence could drive the price down to the .7320 again before continuing its climb | Long above .74, short below .7365 |
| USDCAD | Kissed the 200% level after its first move away from the 800sma | One sharp rejection is not enough for this pair…look for a quick move South before a determined move North. | No trade here. |
| USDCHF | Major divergence | 2 higher highs and 1 higher low | Broke from its awkward double bottom/h and s and has retested the neckline. Candlestick bounce could be a good signal to go long. |
| USDJPY | Sharp support rejection w/ long shadows. Trend looks really tired. | Ugly H/S, but could mean further gains are imminent | Long 91.30, short below 90.50 |
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There seems to be opportunities for both counter-trend and trendside traders this week, though I’m most excited about the trend side. The counter trend side might be tricky on some of these…be sure to calculate your R:R before entering your trade!
What are you watching?!
Triffany Hammond helps traders of all levels, gain the tools, resources and guidance necessary to build on their strengths and work around their weaknesses so that they can make the best possible decisions for themselves in the Forex Market. Triffany is a regular speaker and contributor at 
