Tuesday, December 11, 2018

Forex Trading Preparation and Analysis - Obervations for Tuesday, December 11, 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.

Highlights from today's quick scan of the Forex and stock markets.  (New readers, every day I review the charts for the markets I follow and post a few key observations.  I do this as part of my prep work for upcoming trades).


EURUSD


  • The 1.1300 to 1.1310 zone is interesting as the market held those levels several times in December
  • Can play the range holding or look for break below to go bearish?  Either way I'd like to see a clearer wedge, triangle or flag pattern to lean against before getting involved.


USDCAD

  • Narrow range in an area of resistance has held since yesterday
  • 1.3370 is an interesting area - can go breakdown or lean against


USDJPY

  • 113.75 area seems like a magnet for retest
  • The slow grind up seems it may possibly reach that level
  • If the slow grind continues, could look for breakout



That's it for now.  Heading in to mid-December activity may be light.

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