Chart Of The Week

Not necessarily an original title but makes ithe point. I am wondering if there is a paticular currency that looks like an easy pick to go short or long on lol, based on technical and fundamental analysis. I know a lot of people trade the gbp/usd myself including myself. But looking at charts and news reports on a weekly as well as daily basis. Something that looks good to move 200 to 300 pips this week that even could move into a longer term trade. Some things a person could keep in mind are:

Significant news report
certain currencies strengthening or weakening.
double or tripple tops and bottoms
dblhc (double bar low higher close)
dbhlc (double bar high lower close)
wave analysis.

I don't have a chart but I think this is a great idea. Good opportunity to learn new systems graphically.

This I would not say qualifies as the chart of the week. You can see it has a pretty similar pattern in its uptrend and retracements. It looks like it has completed its retracement and is ready for another surge up. But if you look at the mid to late Sept. retracement and up swing to 2.3868 it took a number of days. It seems to only a few pips per day (10,20, 30 or so). It does have a lot of action during the day but over all makes little progress. On my demo account I put in a long order a few days ago. After more analysis in my opinion it would not be a good place to stick long term money. I will keep it there because it's just demo and see if it continues to move according to pattern.

When I saw this a few weeks ago it looked good with a dblhc (double bar low higher close) of 2.3336 for week 11/19/06 and 2.3330 for week 11/26/06 with a high of 2.3663 a gain of 327 pips. This past week it closed below the previous weeks high. So as far as long term swing trade it looks like a slow mover to the top on a weekly basis with some extreme gains from one week to another on a couple of occasions.

Anybody have anything to comment on these charts fill free to do so or add any others.

Hi Goodthings
I am looking to learn here. Looking at that current daily chart that you posted, I do not see a clear signal for why you are expecting this pair to go up at this time. Looking at the patterns, it certainly will sometime soon, but why now? Thank you for the explanation.

Chart of the week... Oh! Chart of the year may be...

What do you mean by chart of the year?

gbpjpy and eurjpy smooth up trend for almost the whole year... for investors...

Yes very true. Now what a person needs to do is to spot something like that next. That's what I am trying to do is expand my perspective to weekly monthly yearly. It does though seem with Forex that there is so much movement with retracements it needs to be evaluated daily. For instance look at the Gbp/Usd and how its retraced this week. Yet it had that much retracements with a 300 pip move. You look at the daily charts and there are about 400 pips of retracement from Friday December 1 to Thursday Dec. 7 not including the NFP of Friday. Buy low (on the retracements) sell high. For instance look at the previous 4 months starting around the second week in July it had 5 highs around 9100s and had four lows of 8776,8602,8915, & 8836 in between those highs. Buy low sell high. <?xml:namespace prefix = v ns = "urn:schemas-microsoft-com:vml" /><v:shapetype id=_x0000_t75 stroked="f" filled="f" path="m@4@5l@4@11@9@11@9@5xe" oreferrelative="t" o:spt="75" coordsize="21600,21600"><v:stroke joinstyle="miter"></v:stroke><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><vath o:connecttype="rect" gradientshapeok="t" o:extrusionok="f"></vath><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:lock aspectratio="t" v:ext="edit"></o:lock></v:shapetype> So to catch the trend at the beginning of the week and stay with it. Yet looking at it on a daily basis and catching it's daily retracements too. See the following chart ins the next two posts.

Daily retracements to Fibs marked in gray Friday of last week Monday & Tuesday this week.

Fib retracements marked in grey for Wednesday & Thursday this week.

Just see the same pattern developing with previous trends. Not saying this is a chart of the week to trade on, over all the gbp/chf has a lot of motion but is slow making ground over all with the exceptions. One thing to consider though for next week the pound did come out with weaker then expected fundamentals. Still people look at interest rates when buying and there is a better yeild on the pound then the swissy.

Yes... This week GBPUSD...

The expansion on the rainbows what does that mean

Same as Guppy MMA or Hull MMA...

Notice the pin bar on the GbpUsd weekly and so far it has played out with with an open of 9527 high of 9577 low of 9423 and a close of 9475 a 154 pip drop.