ForexPros Daily Analysis August 26, 2011
Free webinar on ForexPros - Mindful Trading: The Eight Roadblocks to Trading Success
Expert: Rande Howell
Start: Tue, Aug 30, 2011, 10:00 EST
End: Tue, Aug 30, 2011, 11:00 EST
Recognizing that 90% of trading is in your head and more than 90% of traders lose money, those who really want to master trading must focus on developing the psychological skills of Mindful Trading. After years of chasing the Holy Grail of Trading, they discover that it lives within them. And they must develop their state of mind to become consistent, disciplined, confident, courageous, and impartial traders - it is these qualities that leads to stress-free and consistent success in trading.
Come to this free webinar to learn about the Eight Roadblocks to trading success and how to move beyond mediocrity and into Mindful Trading.
Click here to join free
---
Euro In Long Wedge, Pound in Shorts, Yen Rebounding
Be careful trading overnight ahead of Bernanke's speech at Jackson Hole Wyoming. Last year the same event sent the markets into a tailspin. So. Have your stops in. Remember that news events don't start new trends, they generally take trends to their targets. So, stay with the trend. Bernanke will be explaining the US interest rate policy. We already know rates will be staying low to 2013.
Euro:
Talking of trends, hopefully Bernanke can bring some clarity to the euro. It is in a very choppy formation and still looks like a wedge, though on the daily, the euro continues in a long from 1.42883 with a target at 1.46285. This is not pretty though.
On the 15 min chart, the euro is in a range. The next traditional short is at 1.4392, which coincides with the daily pivot at 1.4393. The target is at 1.4296.
Pound:
On the daily, the pound broke its long setups and is in extension shorts since on the 15 min chart.
On the 15 min chart, the pound is in an extension short at 1.6302, with a target at 1.624. The line in the sand is at 1.6312.
Yen:
On the daily, the yen rebounded after hitting all time low 75.944 and is moving up into its next traditional short at 78.09, with a target at 74.93, which would obviously be another all time low. The break in trend is at 78.59.
---
The Forex analysis is written by Diana Rochford for Forexpros the Forex, Futures and Stock Markets Portal.
---
Also, Visit our World Indices Page!
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.
Free webinar on ForexPros - Mindful Trading: The Eight Roadblocks to Trading Success
Expert: Rande Howell
Start: Tue, Aug 30, 2011, 10:00 EST
End: Tue, Aug 30, 2011, 11:00 EST
Recognizing that 90% of trading is in your head and more than 90% of traders lose money, those who really want to master trading must focus on developing the psychological skills of Mindful Trading. After years of chasing the Holy Grail of Trading, they discover that it lives within them. And they must develop their state of mind to become consistent, disciplined, confident, courageous, and impartial traders - it is these qualities that leads to stress-free and consistent success in trading.
Come to this free webinar to learn about the Eight Roadblocks to trading success and how to move beyond mediocrity and into Mindful Trading.
Click here to join free
---
Euro In Long Wedge, Pound in Shorts, Yen Rebounding
Be careful trading overnight ahead of Bernanke's speech at Jackson Hole Wyoming. Last year the same event sent the markets into a tailspin. So. Have your stops in. Remember that news events don't start new trends, they generally take trends to their targets. So, stay with the trend. Bernanke will be explaining the US interest rate policy. We already know rates will be staying low to 2013.
Euro:
Talking of trends, hopefully Bernanke can bring some clarity to the euro. It is in a very choppy formation and still looks like a wedge, though on the daily, the euro continues in a long from 1.42883 with a target at 1.46285. This is not pretty though.
On the 15 min chart, the euro is in a range. The next traditional short is at 1.4392, which coincides with the daily pivot at 1.4393. The target is at 1.4296.
Pound:
On the daily, the pound broke its long setups and is in extension shorts since on the 15 min chart.
On the 15 min chart, the pound is in an extension short at 1.6302, with a target at 1.624. The line in the sand is at 1.6312.
Yen:
On the daily, the yen rebounded after hitting all time low 75.944 and is moving up into its next traditional short at 78.09, with a target at 74.93, which would obviously be another all time low. The break in trend is at 78.59.
---
The Forex analysis is written by Diana Rochford for Forexpros the Forex, Futures and Stock Markets Portal.
---
Also, Visit our World Indices Page!
---
Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time.