24-Hour FX Targets

[Dave Floyd]

Folks,

I have been posting in the threads at MoneyTec TradingMarkets and FX Street for some time now but wanted to toss my hat into the ring here as it relates to daily trade calls.

On Monday and Wednesday mornings I will be posting between 4:30-5:00 AM PDT my price forecasts for the next 24-hours. I trust you will find them helpful and feel free to drop a line if you have any questions.

The user guide below is simply a reference so that you will know a basic approach to integrating the targets into your trading.

Dave

 

[Dave Floyd]

Wednesday's 24-Hour Targets

please refer to the users manual in the posting above for further details on using these....

 

[Mr. Charts]

Are you the Dave Floyd who used to write on tradinghard years ago?
If so, you won't remember me but we chatted long ago.

If this is the same guy, people, read him - he is ace.
Richard

 

[Dave Floyd]

Are you the Dave Floyd who used to write on tradinghard years ago?
If so, you won't remember me but we chatted long ago.

If this is the same guy, people, read him - he is ace.
Richard

Richard,

Yes, I am the same person - thanks for the kind words. However, today's posting certainly has not played out as expected - but hey, that is trading.

BTW, refresh my memory as to when and what we talked about, I may very well remember.

Cheers

 

[pegassus]

Hi
are u the same person who writes a column in tradingmarkets.com

 

[Dave Floyd]

Hi
are u the same person who writes a column in tradingmarkets.com

Yep, same one. TradingMarkets used to be called TradeHard back when it was first founded. I do an article there on Monday's and Wednesday's.

Dave

 

[Dave Floyd]

Monday's 24-Hour Targets

The solid move lower overnight appears to have set in motion some good trading/technical patterns which we will be able to trade off in the coming hours. However, at present, the pairs that we follow are a bit extended on the 60 and 240-min charts suggesting that a modest pull-back is in order first before resuming the current trend (i.e. a weaker dollar).

As you will see below, we only see 2 pairs presently that fit our parameters for a 24-hour target trade.

Key Technical Notes:

EUR/USD - key technical level at 1.1855. This level should now provide solid support on pull-backs after being a tough resistance level for several days

NZD/JPY - after the sharp sell-off last week is testing some fib resistance levels at 85.25 & 85.5

 

[Dave Floyd]

Targets Achieved

AUD/USD hits target at .7540

USD/JPY has just achieved its 24-Hour FX Target at 120.15.

A net gain of roughly 55 pips.

DXC is getting quite extended here and a counter-trend bounce is likely.

 

[Dave Floyd]

Wednesday's 24-Hour Targets

As is typical after a big move in the FX markets (any market for that matter) prices will need to consolidate or complete some sort of counter-trend move before price action become conducive again. This is the case today.

While we still see a weaker dollar in the near-term, it is simply too oversold currently to be able to place trades with a relatively high probability of success. For those nimble and comfortable with picking bottoms, the current levels may very well represent good long entries for a quick pop to the upside. We will choose to wait patiently for the charts to offer better entry points.

We do see decent set-ups in AUD and NZD and are comfortable with these calls.

Depending on what happens with prices in the next 2-3 hours, we may actually have a few specific trade calls - so stay tuned.

Refer to the 'Targets Manual' below for instructions on how best to use these

 

[Dave Floyd]

FX Observations for Thursday Morning

- GBP/USD poised to break out of ascending wedge formation. Look for a break above 1.7775 to expose 1.7830

- We see AUD/USD failing on this counter-trend bounce at the .7490-.7500 level. We expect it to trade back below .7468 (key support)

- EUR/JPY is quite oversold regardless of the indicator you may use to measure this 'term' - stochastics, RSI, price travel range, Bollinger Bands etc.

Naturally catching a falling safe is tough and requires impeccable timing. However, at current levels, 139.25, EUR/JPY appears poised for a bounce higher towards 139.70 & 140.10.

This is a risky trade, but if timed correctly, may yield some solid gains.

** The term 'Rubber Band' is simply our definition of a reversal trade. Like a rubber band, you can only stretch it so far before prices snap back (mean reversion)

Dave

 

[Dave Floyd]

Monday's 24-Hour Targets

Refer to user's guide from previous postings for instructions on how to use these

 

[gus]

gee what happened to Mr. Floyd after 11 posts - he left without explanation?
I see he has a website - think I will contact him and ask.

 

[Dave Floyd]

gee what happened to Mr. Floyd after 11 posts - he left without explanation?
I see he has a website - think I will contact him and ask.

Yes, I did leave and not offer much of an explanation, however, other than lack of time to get the posts here on Monday and Wednesday's, there was no other reason.

Per this prompting, I will resume the postings on Monday - thanks for the friendly reminder

Dave

 

[gus]

Yes, I did leave and not offer much of an explanation, however, other than lack of time to get the posts here on Monday and Wednesday's, there was no other reason.

Per this prompting, I will resume the postings on Monday - thanks for the friendly reminder

Dave

OK - Mr. Floyd is going to start posting again - thanks David

Lots of traders here at T2W - so I would encourage you to stay & post. I know it takes a bit of time to do this.

 

[Dave Floyd]

Monday's 24-Hour Targets

Only one pair that we set up today for a 24-Hour Target trade....

 

[Dave Floyd]

Wedneasday's 24-Hour Targets

Dollar Index (DXC) seems poised to trade a bit higher but it still seems like 90.50 will cap the upward thrust.

 

[Dave Floyd]

Monday's Thoughts and Comments

Folks,

Those who have been viewing these posts for a while know that the present conditions in the FX market have provided very few 24-Hour Target set-ups in recent weeks. The few that have emerged; have not played our terribly well.

We continue to see evidence of this today as well. The result (until conditions change) will be a more discretionary trade selection as it relates to trades that fit the 24-Hour Target parameters.

Continue to look for 24-Hour Target trades on Monday's & Wednesday's (our regular schedule), as conditions can change, but for today, no 24-Hour Target Trades.

Dave

 

[fxmarkets]

hmm someone else commented that its been very strange action in the fx recent few weeks....... hehe, whats going on ? are they at doji on us rates.?

 

[Dave Floyd]

hmm someone else commented that its been very strange action in the fx recent few weeks....... hehe, whats going on ? are they at doji on us rates.?

Very funny regarding the doji comment - certainly feels like it.

These markets really test traders, best to lay low and be really selective.

 

[Dave Floyd]

Wednesday's Thoughts and Observations

Like the last few days there are no 24-Hour Target Prices - but we do note our current bias and some key technical levels for the major pairs as well as a 'Trade Idea'