The Majors & A Contest

Hello there Traders,

Welcome to our daily article on the Forex market! Thanks for taking time to read our FX analysis and potential Forex trade setups.

Your screen sharing

Before we start with the main content of the article, I wanted to let you know of a special feature of the Winner’s Edge website. You and all readers are able to upload your own chart via the comment section down below. So if you want to add your own chart with trend lines, Fibs or notes… then please don’t miss out on that opportunity!

Please click on this link to see a screenshot how you could upload your own screenshot. http://screencast.com/t/pAGmr6R3n2%20

Contest

Also, with that said I would like to announce our Forex contest: whoever uploads a screenshot and pastes it down below in the comment section this week has a chance of winning a free day pass to our live trading room anytime next week (Tuesday, Wednesday or Thursday). The FX contest winner will be announced on Monday April the 1st at 6am EST.

So seize that chance and not only make a chance of winning free access to 1 of the sessions next week of your choice, but also get your chart analyzed by me for free.

With that said, let’s move on to the chart analysis!

EURUSD

Needless to say the EURUSD has been in a clear down trend for quite a while. The last 2 weeks the currency has lost some of its downside momentum. With every bottom break the currency quickly retraced back up. The bottoms were getting closer and closer to each other and it surely looked like a bending of the trend. However with that said, one must also note that the currency is in a trend channel, a downward trend channel, albeit at a shallow angle.

Yesterday’s trading action showed the following interesting developments:

  • EURUSD saw yet another crash down from the top side of the channel;
  • There was a slight difference to note though: this time price stopped at previous lows and stalled at that area;
  • There was powerful momentum down and the EURUSD is hanging at the bottom.

I am interested in trading it now?

No not really. The currency is caught in a tough spot.

I am waiting either for:

-           a break and hook back to the broken bottom;

-          or a move back to the top of the trend channel.

Those are setups I will be waiting to catch a potential short. Target area for a potential short is the big day support area at 1.27.

Will it materialize? No idea. I am cautious with the EURUSD and its movements. In fact if the trend line and top got broken and we retest the broken trend line, we might have a long opportunity. I am going to be in a waiting mode for the moment, with the trading ideas above as a guide line.

MAR 26 2013 EURUSD 4 HR

All righty folks, next currency!

GBPUSD

The GBPUSD has made a decent sized correction to the upside after the massive down side move. The big question is: could the GBPUSD continue that huge down trend?

Yes, it sure can. And the good news is: it could do that from the current levels! :)

MAR 26 2013 GBPUSD 4 HR

We can submit this short and to the point analysis on the GU:

1)      The currency is at the top of the down trend channel;

2)      The currency hooked back to the broken weekly resistance level;

3)      The corrective upward channel has been broken;

4)      The last 4 hour support level is now being tested as I am writing this article.

MAR 26 2013 GBPUSD DAY

There are some key support levels to be aware of. And last but not least the upside correction might correct itself to higher grounds.

Nothing in trading has a definite certainty, of course. But as a trader we should attempt to capitalize on potential moves such as these.

And the GBPUSD down side has a huge potential. The -0.272 target could be all the way down to 1.46. So I am keeping a close eye out on the GU.

MAR 26 2013 GBPUSD WEEK

The current 1.5140 and the bigger 1.5030 bottoms of course are levels to be aware of. Just like the actual bottom at 1.4830.

Good Trading Everyone!

here_for_you_001







Connect_With_Winners_Edge

Get trade set ups everyday!

The following two tabs change content below.
Chris is the head of the mentoring program and trading room at Winner's Edge Trading. He has a passion for technical analysis and helping Forex traders achieve their goals in trading. Chris has been trading for almost 10 years and is most fond of the Double Trend Trap (as a strategy), moving averages (as an indicator) and Fibonacci (as a tool).
Follow our social media:
1359774937_facebook 1359774984_linkedin 1359774949_twitter 1359774960_google 1359774973_rss 1360027635_youtube

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news

  • http://twitter.com/WinnersEdgeTrad Winners Edge Trading

    Hi Kacy, to make a chance of winning the contest, you would need to upload a chart as a reply to this article. Hope to see it soon :)

  • Kacy

    to win free trading room.