Apricity Currency Journal

[Apricity]

About Me:

I'm an independent currency trader using technical analysis and some macro data to find day trading opportunities and occasional swing trades.

I don't listen to other peoples analysis, opinions or views of the market as I find that a distraction and negative to my own decision making process. I have my own methods combined with established technical analysis methods available.

About Apricity Currency Journal:

This journal is my opinion of the market and the analysis that I'm using to establish possible trading opportunities. It is by no means a trade recommendation or financial advice thread and should not be used or promoted as such.

My analysis and trading decisions will be posted and updated within 5 minutes of trade execution or amendment for my own personal journal and for interested readers.

Apricity

 

[Apricity]

EUR/USD: Possible Swing Trade

EUR/USD: After an initial dip the pair continued to trade higher (within wave c of the triangle).

The bullish key day reversal bar on Thursday is seen as a continuation pattern and it argues for more buying within the short term, so look for a similar price action as yesterday with an initial dip (i.e. intraday traders should be looking to pick up a few euros on this dip 1.0789-75) and thereafter another move higher.

The triangle scenario calls for the move higher to stall in the 1.0920-40 area. If the price action gives signals of weakness here, then shorts can be established for the wave d and e of the triangle.

Resistance 1.0830 1.0846/49 1.0940 1.0986

Support 1.0775 1.0733 1.0666 1.06224

 

[Apricity]

US DOLLAR INDEX: Directional Viewpoint

US DOLLAR INDEX: Instead of the triangular consolidation that €/$ is tracing out the $ index seems to be following the path of a so called double zigzag (two upon each other following a-b-c corrections) and as such probably is targeting the 95/96-area (where the bull trend is seen resuming).

A move below 97.00 will further enhance such an outcome but today it has rejected off the 88.6% for an intra-day or multi-day bounce after yesterday bear-flag breakout.

An alternative outcome is of course that we will remain in the current range hence creating a triangle.

 

[Apricity]

EUR/USD: After an initial dip the pair continued to trade higher (within wave c of the triangle).

The bullish key day reversal bar on Thursday is seen as a continuation pattern and it argues for more buying within the short term, so look for a similar price action as yesterday with an initial dip (i.e. intraday traders should be looking to pick up a few euros on this dip 1.0789-75) and thereafter another move higher.

The triangle scenario calls for the move higher to stall in the 1.0920-40 area. If the price action gives signals of weakness here, then shorts can be established for the wave d and e of the triangle.

Resistance 1.0830 1.0846/49 1.0940 1.0986

Support 1.0775 1.0733 1.0666 1.06224

EUR/USD:

Sell Limits @ 1.0920 & 1.0940

Stops 1.0990

Target 1.0670

(Sell limits stay in place over the weekend and into the new week)