Pierre’s Monday Morning Quick Analysis

by | Nov 6, 2017 | Forex Analysis

Good morning everyone.

I hope you all well and ready to rock and roll with the Forex Mentor Pro team this week.

My charts looks a little messy this morning so please take note of the time frames I used.

The cleaner charts that stands out for me at the moment:

  • GBP/Dollar
  • Aussie/dollar
  • USD/JPY 
  • Dollar Index

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The Spaghetti Indicator:

The 4 hour chart :

The Spaghetti Indi is overbought on the CAD currency this morning and oversold on the GBP currency this morning.

2

The Daily chart :

The Spaghetti Indi is overbought on the USD, GBP and the JPY currencies this morning and oversold on the CHF and Aussie currencies this morning.

1

So let’s keep an eye on that for possible trade set ups from areas of interest (multiple reasons levels areas)

  • If you want to add the overbought and oversold areas to this Indi…..right click on the RS all Indi……then go to the RS All properties…….here we go to the levels tab…..then add the 8 and 13 and min 8 and min 13 line and click on OK.
  • Remember then to save a new template.

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redflag1 this week: 

44

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1) Euro Dollar on the DAILY chart:

Notes:

We long on the 4 hour chart and mixed on the daily chart if we look at the direction indicator. Last week we only closed plus 5 pips higher than the opening so we very flat so we can’t even fib that.

My plan will be to look for shorts between 1.1662 and 1.1738 areas as we have some roadblocks here that can give resistance…..this is also the neckline area for that head and shoulder pattern that broke to the downside.

Otherwise I will re look to long from 1.1474 and 1.1393 again where we a daily 200 EMA and MS2 pivot waiting to give support.

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2) Euro JPY on the WEEKLY chart:

Notes:

Sitting on my hands with this pair. If we look at the weekly chart we can see how the bollinger bands is closing plus we sitting at loads of EMA`S plus we have MACD divergence….so all warning signs for a possible deep correction on its way.

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3) Euro GBP on the 4 hour chart :

The daily direction Indi is mixed on the daily but short on the 4 hour – however we closed plus 43 pips higher than the opening of last week so we can’t fib to get a short zone.

Notes:

We have a roadblock at 0.8904 and 0.8915 where we also have a bear trend line coming down so this will be areas for possible shorts while it holds as resistance.

Keep an eye on what the GBP/Dollar is doing as its negative correlated with this one.

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 4) GBP Dollar on the 4 hour  chart:

The direction Indi is long on the daily but short on the 4 hour. Last week we broke all the EMA`S to the downside and we currently underneath it so I will give the 4 hour a go for a short zone.

Currently I have an Earth and Sky short zone between 1.3180 and 1.3250 with areas to keep an eye on at the 38.2 fib at 1.3147 and 1.3169 and 1.3192 resistance areas where after I will re look to short this pair again.

Possible counter longs at 1.3003 and 1.2974 support levels.

Notes:

Currently in no mans lands so wait for price to come to you.

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5) GBP JPY on the WEEKLY chart:

Notes:

Sitting on my hands with this pair. If I look at the weekly we can see last week on my platform we closed with a perfect doji candle……0 pips from last week’s opening to closing……and we sitting at a cluster of EMA`S at the moment so warning signs that we might be running out of steam here with bullish moves..

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6) Aussie Dollar on the 4 hour chart:

Currently I have an Earth and Sky short zone between 0.7674 and 0.7707 areas to keep an eye on at the 38.2 fib at 0.7674 and 0.7685 and 0.7698 resistance areas where after I will re look to short this pair again.

Possible counter longs at 0.7616

Notes:

This one is on my wish list this week.

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7) Aussie JPY on the daily chart:

Notes:

Possible shorts from the roadblock at the high at 80.00  and possible longs from the support roadblock at 86.14

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8) Dollar JPY on the 4 hour chart:

Currently I have an Earth and Sky long zone between  113.83 and 113.40 with areas to keep an eye on the 113.83 and 113.77 and 131.61 and 113.40 support areas where after I will look to long this pair.

Possible counter shorts at 114.71 resistance levels.

Notes:

Currently in no man’s land so wait for price to come to you.

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9) Dollar CAD on the DAILY chart:

Notes:

We long on the 4 hour chart and mixed on the daily chart if we look at the direction indicator. Last week we closed MIN 62 PIPS LOWER than the opening so we can’t fib the 4 hour chart to get a long zone.

My plan will be to look for possible short set ups at last month’s high at 1.2911…..

Otherwise I will re look to long from 1.2600 again where we had the inverse head and shoulder neckline and some EMA`S that can give support again.

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10) Dollar Index on the DAILY chart :

Notes:

We long on the 4 hour chart and mixed on the daily chart if we look at the direction indicator. Last week we only closed plus 7 pips higher than the opening so we very flat so we can’t even fib that.

My plan will be to look for shorts between 95.35 and 96.00 areas as we have some roadblocks here that can give resistance.

Otherwise I will re look to long from 93.77 again where we had the inverse head and shoulder neckline and some EMA`S that can give support again.

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I will see if I can do an update tomorrow morning – if I have the time and internet down there in Cape Town.

Regards

Pierre

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