FXHFT - Daily Market Analysis

USDJPY bulls pushing for stops above the 124.50 high

The bulls are looking to target stops above the 124.50 high with a solid base now in place at 122.45.

After testing the 122.45 low late last week the bears were unable to take the market any lower leaving a double bottom in place, the market has seen plenty of buying early in the week as traders now look to target stops above the 124.50 highs. If a solid close is seen above the 124.50 high we are likely to see a test of the 125.85 high in the coming days.

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USDJPY Daily

Moving down to the 15 minute chart we can see that the most important level being watched by intraday players will be the 1:1 (Purple) and 38.2 Fibonacci level that coincide at 123.50/55.

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Cable is testing make or break support for the bulls

Cable is testing a major 1:1 support level at 1.5670, any failure to attract solid buying interest here will likely see the momentum pick up on the downside.

Cable tested the 1:1 (Blue) support level at 1.5670 and quickly traded 30 pips high in late US trade, the market fell back to test the level for a second time in Asia and again had a strong 45 pip bounce but the market has so far failed to see any real buying with the bears now looking to push for stops below the 1:1.

http://az705044.vo.msecnd.net/20150625/gu1e.png
GBPUSD H1

If we take a look at the 15 minute chart we can see that the smart money..............

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ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

USDJPY: Bulls buying aggressively on 122.08 support

The bulls have been seen buying aggressively on the 1:1 and 50 Fibonacci support level at 122.08

The 1:1 (Pink) and 50 Fibonacci support level at 122.08 has offered the bulls an opportunity to buy into the recent gap lower on the back of the continued issues surrounding the Greece bailout.

After initially taking out a number of stops below the double bottom (Yellow) at 122.48 the bulls................

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ABOUT REECE MARINI

Reece Marini is the Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Smart money buying intraday dips with major support level holding

The 1:1 (Pink) and 50 Fibonacci level at 122.08 has held for the second time in as many days, the market fell 10 pips below the support level during yesterdays trading session but the bulls returned in force sending the market 90 odd pips higher over the last 24 hours. If a solid close is see above the 123.20 high we may see USDJPY close the gap that was left on Monday morning in the coming sessions.

http://az705044.vo.msecnd.net/20150701/ujdc.png

USDJPY Daily

Moving down to the 5 minute chart we can see that the smart money has been buying aggressively on the 1:1 (Yellow) dips throughout todays trading sessions..............

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Reece Marini is the Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE

Cable: Intraday players selling into important resistance at 1.5550

The bears continue to push cable lower after the 50 Fibonacci level (Yellow) at 1.5877 attracted strong selling interest back on the 19/06/2015. The next level to keep a close eye on will be the 61.8 Fibonacci level (White) at 1.5460, this level is likely to be tested in the coming sessions with cable still trading heavily.

http://az705044.vo.msecnd.net/20150707/gu4b.png
GBPUSD H4

Moving down to the 1 hour chart we can see that the smart money has been selling into a number of 1:1 resistances levels since the 50 Fibonacci level (Yellow) mentioned above capped the run higher in cable.

The most recent 1:1 (Purple) and 38.2 Fibonacci level that coincided at 1.56115/25 has see aggressive selling from the bears over the last several hours.
The level that will attract the most attention in this degree……………………….

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The number one trade setup for trending markets
The number one trade setup for trending markets
The 1:1 pattern is the number one trade setup for trending markets in the modern era, whether it be intraday or long term this trading pattern holds true in any time frame and in any financial market be it Forex, Bonds, Indexes, Stocks or Commodities.
Identifying market trends becomes easy once you are able to understand market structure, the market will unfold in such a way that indicates that the current trend is still intact and that continuing to stick with the trend will be your best bet. The easiest way to do this is to use the 1:1trading pattern.
What is the 1:1pattern? The 1:1 pattern is simply a current correction that is of equal length to a prior correction.
Using the 1:1 pattern in a bull market
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Using the 1:1 pattern in a bear market
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When the market continues to attract buying or selling interest on these 1:1 levels the trend remains intact. If the market takes out the largest correction in the current move the trend will likely have changed.
Using the 1:1 pattern in a trending market
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Trading a 1:1 pattern
The 1:1 in normal market conditions
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As mentioned above the 1:1 refers to a current correction being equal in length to a prior correction, using the 1:1 pattern works best when the pattern also coincides with a major Fibonacci level i.e 38.2, 50 and61.8 and the stochastic is reading overbought or oversold at the time.
The 1:1 in volatile market conditions
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In a volatile market there is no need for the 1:1 to coincide with a Fibonacci level but it would be best if the stochastic was reading overbought or oversold.

Check out http://forexhft.com/educations/ for more information on trading Elliott Wave and Gann