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USD/CAD intraday technical levels and trading recommendations for August 27, 2014

2014-08-27 12:47:01 – Best Cash Back Forex Rebates : USD/CAD intraday technical levels and trading recommendations for August 27, 2014
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caddaily.jpgcad44h.jpg

Since the USD/CAD pair failed to show enough bullish momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel, which managed to push towards the price zone between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where a prominent congestion zone was established.

Bullish rejection was expressed at retesting the lower limit of the bearish channel around 1.0630 (It’s the origin of the previous bullish impulse initiated in December 2013 as well). This enabled the bulls to achieve a bullish breakout off the depicted channel.

The USD/CAD pair has a strong resistance zone located between 1.0950 and 1.1020 (Fibonacci Levels 50% and 61.8% of the most recent bearish swing).

As we mentioned before, bearish rejection should be anticipated after such a long bullish rally that originated off 1.0650 and 1.0710.

Previously, around the price level of 1.0950, a Shooting-Star daily candlestick was expressed. This was repeated yesterday. Thus, enhancing the short-term bearish direction.

A valid SELL position was suggested at retesting which took place this week. Initial bearish target is located around 1.0825.

Conservative traders should wait for higher entry levels to be retested especially around 1.0930. Daily closure below price zone of 1.0870-1.0850 confirms a long-term double-top pattern with its projection target located at 1.0770.

On the other hand, persistence of daily fixation above 1.0950 (50% Fibonacci level) enables the bulls to shoot towards 1.1020 and 1.1050 initially (very low probability in the meanwhile ).

The material has been provided by InstaForex Company – www.instaforex.com

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https://www.instaforex.com/forex_analysis/49976/

Fibonacci Sequence, Ratios and Retracements

The Fibonacci sequence was discovered by Leonardo Fibonacci da Pisa. In the year 1202, he wrote a book called “Liber Abaci” which introduced the sequence to Western European mathematics. The Fibonacci sequence is a series of numbers: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144 and on to infinity.

The formula for the Fibonacci series is: Fn = F(n-1) + F(n-2) where “F” is the Fibonacci number and “n” is its order in the sequence. Except for the first two numbers, each value in the sequence is the sum of the two values before it.

Fibonacci ratios are based on the Fibonacci series. It is the mathematical relationship of a number from the sequence to any of the numbers before or after it. The Fibonacci ratios are 0%, 23.6%, 38.2%, 50%, 61.8%, 78.6% and 100%.

All the emotions that occur in the markets are within some definable limits, most of them recorded in statistical series. This is where Fibonacci comes in. In trading, Fibonacci ratios can provide probable levels of support and resistance.

A retracement is as a temporary price reversal occurring within a prevailing trend. The Fibonacci ratios are used as retracement levels that indicate probable levels of support or resistance. Each level is considered a potential area of retracement before the price continues to move in the original direction. Fibonacci retracements are displayed using horizontal lines that indicate the levels of Fibonacci ratios. You can add more levels if you want.

Here is an example in an uptrend. As you can see, the price retraced to the 50% level and a few times to the 38.2% level.

Fibonacci-Retracements1

In my system, I have added other values to the usual Fibonacci levels. All in all, I use 0.0, 13.0, 23.6, 38.2, 41.4, 50.0, 61.8, 70.7, 78.6, 88.6, 100.0, 113, 127, 141.4, and 161.8. Each level can serve as either support or resistance levels that the price may respect or break.

In an uptrend, the Fibonacci tool is applied from the lowest low (point A) to the highest high (point B), where you can see 0.0 level at the top. It’s the opposite with a downtrend where you apply it from the highest high (point C) to the lowest low (point D), and the 0.0 level is at the bottom.

Fibonacci-Retracements2

You will notice that there are two sets of numbers on the Fibonacci retracements above. The price value is the set of numbers on the left side, and the Fibonacci levels are the ones to the right.

When the price is moving in an uptrend and retraces then touches a Fibonacci level, it will most probably bounce back up. When price does this, it’s a good idea to buy. In the example, the price retraced to the 23.6 level, turned around and continued to go up.

On its way up, it breaks the upper Fibonacci level, which is the 13 level. This indicates that the price will continue to go up. However, if it goes below the 23.6 Fibonacci level, the price is more likely to continue going down until it reaches another Fibonacci level and goes back up. When the price does break that level, it’s a good idea to sell.

Fibonacci-Retracements3

In the next example, the price exceeded the 13.0 and 23.6 levels. You can sell there and target any of the next Fibonacci levels.

Fibonacci-Sequence

The opposite applies to a downtrend.

Fibonacci-Retracements4

In the example, you can see that price retraced and broke the 13.0 level; this is a buy signal. The price continued to the 41.4 level and bounced down; this is the sell signal. It kept going down and broke the 23.6 level. This is another signal to sell.

Rob Roy – Fibonacci: The Secrets Revealed 2012-03 Editio

ebookLearning to use a technical indicator known as Fibonacci lines may potentially improve your trading. So says BetterTrades coach Rob Roy, who has taught thousands of students how the indicator works and how it can be used in the stock market.

In this two-hour online class, “Fibonacci: The Secrets Revealed,” Rob Roy teaches students how to overlay Fibonacci lines on a stock chart and then use the information to establish potential support and resistance levels. Learning to use these lines on the stocks in your watch list may help uncover possible trading opportunities that you may otherwise miss. Rob says the Fibonacci lines are an important factor to consider before entering a trade.

In this class you will learn:

Important “Swing High” and “Swing Low” points that may identify possible entries and exits

The profit potential of a Golden Ratio Retreat

Possible opportunities in a ‘Divine Proportion Wiggle Trade’

Through Rob’s instruction, a student will learn how to examine a trade in light of the information revealed by Fibonacci lines. It’s designed to help students learn to make better trading decisions. This class is designed to benefit traders of all levels of experience.

 

 

 

 

 

 

File Size: 1.781KB
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Download Rob Roy – Fibonacci: The Secrets Revealed 2012-03 Editio

Forex00479Learning to use a technical indicator known as Fibonacci lines may potentially improve your trading. So says BetterTrades coach Rob Roy, who has taught thousands of students how the indicator works and how it can be used in the stock market.

In this two-hour online class, “Fibonacci: The Secrets Revealed,” Rob Roy teaches students how to overlay Fibonacci lines on a stock chart and then use the information to establish potential support and resistance levels. Learning to use these lines on the stocks in your watch list may help uncover possible trading opportunities that you may otherwise miss. Rob says the Fibonacci lines are an important factor to consider before entering a trade.

In this class you will learn:

Important “Swing High” and “Swing Low” points that may identify possible entries and exits

The profit potential of a Golden Ratio Retreat

Possible opportunities in a ‘Divine Proportion Wiggle Trade’

Through Rob’s instruction, a student will learn how to examine a trade in light of the information revealed by Fibonacci lines. It’s designed to help students learn to make better trading decisions. This class is designed to benefit traders of all levels of experience.

 

 

 

 

 

 

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Download Rob Roy – Fibonacci: The Secrets Revealed

Forex00478Learning to use a technical indicator known as Fibonacci lines may potentially improve your trading. So says BetterTrades coach Rob Roy, who has taught thousands of students how the indicator works and how it can be used in the stock market.

In this two-hour online class, “Fibonacci: The Secrets Revealed,” Rob Roy teaches students how to overlay Fibonacci lines on a stock chart and then use the information to establish potential support and resistance levels. Learning to use these lines on the stocks in your watch list may help uncover possible trading opportunities that you may otherwise miss. Rob says the Fibonacci lines are an important factor to consider before entering a trade.

In this class you will learn:

Important “Swing High” and “Swing Low” points that may identify possible entries and exits

The profit potential of a Golden Ratio Retreat

Possible opportunities in a ‘Divine Proportion Wiggle Trade’

Through Rob’s instruction, a student will learn how to examine a trade in light of the information revealed by Fibonacci lines. It’s designed to help students learn to make better trading decisions. This class is designed to benefit traders of all levels of experience.

 

 

 

 

 

 

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Dale Zamzow – News Trading: Fibonacci and Bollingers Reading Between the Lines

Forex00444Dale Zamzow is an experienced teacher in the area of news trading. News happens every day and stocks usually react, which can create potential trading opportunities. Join Dale in his exciting online classroom where he will introduce students to the latest techniques for trading the news.

In this two-hour online class, Dale will answer many questions that are important when learning how it’s possible to trade the news. In this class, Dale will teach you:

Methods designed to help you determine potential entries and exits

Ways to potentially increase profits and limit downside losses

Considerations for setting a profit targets and stop losses

How to identify the important market news

Dale will teach you how technical indicators such as Fibonacci lines and Bollinger Bands are used by many traders for additional analysis. During this online class, Dale will teach you how these indicators can be used to reveal potential trading opportunities.

Learning about how it’s possible to trade the news that is announced each day can be exciting and potentially rewarding. Dale will teach the methods used for identifying potential trading opportunities that can result from newsworthy events.

 

 

 

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Summary: Support and Resistance

Best Cash Back Forex Rebates : Learn How to Trade Forex: Foreign Exchange (FX) Currency Trading – Summary: Support and Resistance

summary-support-and-resistance

When the market moves up and then pulls back, the highest point reached before it pulls back is now resistance.

As the market continues up again, the lowest point reached before it climbs back is now support.

One thing to remember is that horizontal support and resistance levels are not exact numbers.

To help you filter out these false breakouts, you should think of support and resistance more of as “zones” rather than concrete numbers.

One way to help you find these zones is to plot support and resistance on a line chart rather than a candlestick chart.

Another thing to remember is that when price passes through a resistance level, that resistance could potentially become support. The same could also happen with a support level. If a support level is broken, it could potentially become a resistance level

Trend Lines

In their most basic form, an uptrend line is drawn along the bottom of easily identifiable support areas (valleys). In a downtrend, the trend line is drawn along the top of easily identifiable resistance areas (peaks).

There are three types of trends:

  1. Uptrend (higher lows)
  2. Downtrend (lower highs)
  3. Sideways trends (ranging)

Channels

To create an up (ascending) channel, simply draw a parallel line at the same angle as an uptrend line and then move that line to position where it touches the most recent peak.

To create a down (descending) channel, simple draw a parallel line at the same angle as the downtrend line and then move that line to a position where it touches the most recent valley.

  1. Ascending channel (higher highs and higher lows)
  2. Descending channel (lower highers and lower lows)
  3. Horizontal channel (ranging)

Trading support and resistance levels can be divided into two methods: the bounce and the break.

When trading the bounce we want to tilt the odds in our favor and find some sort of confirmation that the support or resistance will hold. Instead of simply buying or selling right off the bat, wait for it to bounce first before entering. By doing this, you avoid those moments where price moves so fast that it slices through support and resistance levels like a knife slicing through warm butter.

As for trading the break, there is the aggressive way and there is the conservative way. In the aggressive way, you simply buy or sell whenever the price passes through a support or resistance zone with ease. In the conservative way, you wait for price to make a “pullback” to the broken support or resistance level and enter after price bounces.

source: www.babypips.com

Trading the Lines

Best Cash Back Forex Rebates : Learn How to Trade Forex: Foreign Exchange (FX) Currency Trading – Trading the Lines

Now that you know the basics, it’s time to apply these basic but extremely useful technical tools in your trading. Because here at BabyPips.com we want to make things easy to understand, we have divided trading support and resistance levels into two simple ideas: the Bounce and the Break.

The Bounce

bounce-trampoline

As the name suggests, one method of trading support and resistance levels is right after the bounce.

Many retail traders make the error of setting their orders directly on support and resistance levels and then just waiting to for their trade to materialize. Sure, this may work at times but this kind of trading method assumes that a support or resistance level will hold without price actually getting there yet.

You might be thinking, “Why don’t I just set an entry order right on the line? That way, I am assured the best possible price.”

When playing the bounce we want to tilt the odds in our favor and find some sort of confirmation that the support or resistance will hold. Instead of simply buying or selling right off the bat, wait for it to bounce first before entering. By doing this, you avoid those moments where price moves fast and break through support and resistance levels. From experience, catching a falling knife can get really bloody…

bounce-supportbounce-trendline

The Break

In a perfect world, support and resistance levels would hold forever, McDonalds would be healthy, and we’d all have jetpacks. In a perfect trading world, we could just jump in and out whenever price hits those major support and resistance levels and earn loads of money. The fact of the matter is that these levels break… often.

So, it’s not enough to just play bounces. You should also know what to do whenever support and resistance levels give way! There are two ways to play breaks: the aggressive way or the conservative way.

The Aggressive Way

The simplest way to play breakouts is to buy or sell whenever price passes convincingly through a support or resistance zone. The key word here is convincingly because we only want to enter when price passes through a significant support or resistance level with ease.

We want the support or resistance area to act as if it just received a Chuck Norris karate chop: We want it to wilt over in pain as price breaks right through it.

break-aggressive

The Conservative Way

Imagine this hypothetical situation: you decided to go long EUR/USD hoping it would rise after bouncing from a support level. Soon after, support breaks and you are now holding on to a losing position, with your account balance slowly falling.

Do you…

    1. Accept defeat, get the heck out, and liquidate your position?

OR

  1. Hold on to your trade and hope price rises up again?

If your choice is the second one, then you will easily understand this type of trading method. Remember, whenever you close out a position, you take the opposite side of the trade. Closing your EUR/USD long trade at or near breakeven means you will have to short the EUR/USD by the same amount. Now, if enough selling and liquidiation of losing postions happen at the broken support level, price will reverse and start falling again. This phenomenon is the main reason why broken support levels become resistance whenever they break.

As you would’ve guessed, taking advantage of this phenomenon is all about being patient. Instead of entering right on the break, you wait for price to make a “pullback” to the broken support or resistance level and enter after the price bounces.

break-conservative
A few words of caution… THIS DOES NOT HAPPEN ALL THE TIME. “RETESTS” OF BROKEN SUPPORT AND RESISTANCE LEVELS DO NOT HAPPEN ALL THE TIME. THERE WILL BE TIMES THAT PRICE WILL JUST MOVE IN ONE DIRECTION AND LEAVE YOU BEHIND. BECAUSE OF THIS, ALWAYS USE STOP LOSS ORDERS AND NEVER EVER HOLD ON TO A TRADE JUST BECAUSE OF HOPE.

Whoops, sorry about that folks, the caps lock key got stuck.

source: www.babypips.com
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