Three of this week’s four TC signals have given up to 630 pips which is most pleasing given the signal drought of late. I am hoping that the end of the northern hemisphere summer period will bring some trends back to the markets and these few successful TC signals from this week are giving me encouragement of that possibility. The US$ has retreated ahead of tonight’s NFP and I would urge caution with trading or holding open trades through this event due to potential spike action. I do note also that the NASDAQ has closed higher today.
NB: this is just a brief update as I am away at the moment.
USDX 4hr: the 61.8% fib has held price action here and the US$ has retreated to the 95.50 ‘safety fence’. This is the Battle Line to watch with tonight’s NFP:
TC signals: the three Yen signals are still open and positive but the Gold signal has closed off for no loss but no gain either.
U/J 4hr: this LONG signal has given up to 170 pips and note where it has stalled! Just under the 104.5 region that I had suggested last week might be a possible target for price action this week:
E/J 4hr: this signal has delivered 160 pips BUT I would expect the 115 area to be tested again, even if there is to be bullish continuation. So I’d be cautious here with tonight’s NFP and I’ll probably look for LONGS again next week off this key S/R level:
GBP/JPY 4hr: this rallied up to give 300 pips following upbeat GBP Manufacturing PMI. Like with the E/J though, the 134 level is a HUGE S/R level and this might also be tested before any potential bullish continuation. I’d be cautious here and I will probably look for LONGs off 134 next week.
Gold 4hr: Gold recovered a bit with the US$ pullback and this SHORT signal has closed off:
The post TC signals peak at 630 pips: Welcome back trends! appeared first on Trade Charting.
The post TC signals peak at 630 pips: Welcome back trends! appeared first on www.forextell.com.