TC offers safest option in these swinging markets: By Mary McNamara

The impact of US politics on the markets, rather than scheduled news, continues to make these markets better for trading off the shorter time frame charts. Short term traders can just go with the flow, LONG one day and SHORT the other, and the wild swings with US stocks over the last two trading sessions bear witness to this advantage. The US$ continues to struggle and this, along with improved risk appetite, helped to trigger some trend line breakouts and TC signals.

S&P500: there were big moves again here last session BUT, as I keep reminding traders, the two-year support trend line remains intact here and, thus, so too does the uptrend. Any break and hold below this trend line would have me looking to the weekly chart’s 61.8% fib that is down near previous S/R of 2,135:

S&P500 weekly:

S&P500 daily:

USDX daily: a bearish triangle breakdown so watch now for any new make or break at the previous Low:

Trend line breakouts and TC signals:

EUR/USD: I think is on its way to test the major 1.26 level.

EUR/USD 4hr: this new breakout gave 85 pips:

EUR/USD 15 min: there were only LONG TC signals here but none of them were valid so this would need a drop down to the 5 min chart

EUR/USD 5 min: the first valid TC signal here after the trend line breakout gave 75 pips for a 5 R return:

EUR/USD monthly: this chart shows how significant the 1.26 level is this for this pair:

EUR/JPY: much like the EUR/USD. A 4hr chart trend line breakout and a TC signal off the 5 min chart:

EUR/JPY 4hr: I’ve been waiting ages to see if this would break to the upside and it has finally triggered. Let’s see if this time gives follow through though! A trend line breakout here has given 70 pips thus far:

EUR/JPY 15 min: a valid TC signal but too large a Stop was needed so drop down to the 5 min chart:

EUR/JPY 5 min: the 5 min chart TC signal gave a 110 pips trade for a 3.5 R trade result:

GBP/USD: no 4hr chart trend line breakout yet but an ok TC signal off the 15 min chart for a 1.5 R trade result:

GBP/USD 4hr:

GBP/USD 15 min: only 1.5 R but still a profitable trade:

GBP/JPY: a 4hr chart breakout looks to be starting here.

GBP/JPY 4hr: watch for any test of the 61.8% fib:

GBP/JPY 15 min: note only LONG TC signals here. A large Stop needed but it gave 2.5 R:

Other Forex: watch for any new trend line breakouts here; some look to be brewing:

AUD/USD 4hr:

AUD/JPY 4hr:

NZD/USD 4hr:

USD/JPY 4hr:

Gold 4hr:

Oil 4hr:

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