EUR/USD Chart – Gold Chart – USD Chart

Personally….I rarely look at this pair as any, “ANY indication” of larger market moves or global appetite for risk as – these are they two most widely held reserve type currencies on the planet, and their comparable  movement does nothing for me / my analysis or for the most part….my account.

Regardless….

The general “forex media / forex industry” promotes the trading of this pair like there’s no tomorrow, and new traders tend to love it. Don’t ask me why. Well ok ask me why…..cuz they don’t know anything about forex before they start trading it!

So if the coming move in forex markets “in general” can be at all illustrated for you “new comers” via this pair – take a look at the weekly chart of EUR/USD:

Resistance Ahead For EUR

Resistance Ahead For EUR

See that big red candle back near the first part of October? The one with the tall “wick” on it? High of 1.1305? Then looking back…..see the confluence area surrounding this price level “rough and nasty”?

Great.

Now check Gold:

Resistance For Gold

Resistance For Gold

Now USD:

Support For USD

Support For USD

These are the kinds of “large time frame” areas of support and resistance where you can start considering some “serious” trading . Not getting bogged down in the short-term flutters, if you can just manage to keep your friggin hands off the mouse for a day er two!

Not much more to be said here. You know what I’m getting at as this trade is getting very close.

It’s the “knowing ahead of time” and the “recognition” that these levels and correlations exist that will elevate your short term trading as you should “already know” the levels to watch for reversal. THEN pop down to your 1H charts and plot your entry.

Eur set to top. Gold set to top. USD set to bottom for a solid “medium term trade” so……start eyeing these charts for their reversal on the 1H at the bare minimum before even considering entry.

You owe me big time.

 

11 Responses

  1. Brian G June 6, 2017 / 6:17 pm

    Thanks Kong!!!

    • Forex Kong June 6, 2017 / 6:18 pm

      This is where I’m at gang….and once again I have patience to thank for it.

      This ‘ol gorilla should do rather well here “soon”, and I will let you know.

      I hope the best to all of you as well.

  2. Brian June 6, 2017 / 6:40 pm

    Love your post! You speak the truth! thx man!

    • Forex Kong June 6, 2017 / 7:07 pm

      Thanks Brian – certainly no bullshit here.

      Take from it what you will, and always feel free to comment / suggest / ask questions etc..

      A very nice groups of traders here these days. Let’s keep at it!

  3. nyen June 6, 2017 / 7:07 pm

    I have to say I am loosing conviction that usd will strenghten. No need to get ahead of ourrselves, but I will open shorts if I see more weakness on this level.

    • Forex Kong June 6, 2017 / 7:12 pm

      Funny you should say as…..you know me right??

      I think USD is 100% completely doomed to go to zero so….ya it’s a tough thing to consider “getting long”.

      BUT!

      Looking at “all things” we could either see a complete and total market collapse / gold to the moon / USD and stocks crater ( which in all….doesn’t seem out of the realm of possibility ) OR the continued global propping of markets…and the expected “technical turn in EUR USD and Gold.

      You throw Trump in there these days, and any trader has to be very careful. This thing could just as easily crash on even the smallest news story / issues outta the U.S

      Trade small. This keeps you safe from “unforseen events”.

      • nyen June 6, 2017 / 7:19 pm

        My alternative scenario is total melt-up. Dollar will go down, but stocks, gold and pretty much everything else will go straight up. It took me long time not to get attached to my positions / predictions so I will totally flip on this and go full reverse and big time!

  4. nyen June 6, 2017 / 7:20 pm

    I think this week is very important and I am paying close attention.

    • Forex Kong June 6, 2017 / 7:32 pm

      Love it. Myself as well….

      I’ll turn on a dime / ditch open trades at loss etc if the market says so.

    • Forex Kong June 8, 2017 / 4:33 pm

      This site is just a bunch of trade charts / widgets supplied by tradingview.com – Nice charting though..I may plug these in here soon.

      I don’t see any trade signals….nor would I ever pay attention / consider trade signals from something so generic.

      Me? I’m out as I don’t take trade signals from anyone. Period.

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