Wednesday, December 12, 2018

Forex and Stock Trading Preparation for Wednesday December 12, 2018

DISCLAIMER: The information presented here is for informational purposes only. These are not trade recommendations. Please follow your own trading plan. Trading is extremely risky and you may experience substantial losses.

Some highlights from the daily review and preparation for potential trading opportunities in the Forex and stock markets.  Note that this is analysis for preparation and identifyin key levels of interest only.  I need much more specific rules to be in place before taking a trade.

EURUSD

The 1.1320 zone identified yesterday did hold support.


  • A narrow range currently forming.  Breakout to 1.1400 would not surprise me.  However, I'd be careful at that spot given the prior resistance
  • On a breakdown I'd look at the 1.1320 zone again as the market could be ranging




USDCAD


  • This one tends to channel then break
  • Retraced to previous zone where the market went sideways for a bit.  I'd be bias short and look for breakdowns to get involved

Other thoughts:

  • GBPUSD is in no-man's land.  Nothing interesting there for the moment
  • Gold is chopping around in a range
  • USDJPY is sideways grinding
  • PG flagging after a decent runup.  However, it is now near previous resistance

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