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Target Trading in the Forex week of July 23rd, 2017

Note:  Currently USDX is bearish

$EURUSD

What ProAct Forex Target Traders See:   We are currently sitting @ 1.1670 in a channel nearing the top of a 5th wave.  We are looking to complete a 5th wave in the next 100 pips but not sure which target here will be the last.  Look for a head and shoulders pattern and then start the descent.  The average daily true range (ATR) for the pair currently is 74 pips.

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$EURNZD- break?

Currently we are @ 1.5635 in a range and just breaking slope support.  We are looking for a continuation to the 1.500 Fibo @ 1.5568 and a break there to the 0.618 Fibo support @ 1.5490. The average daily true range (ATR) for the pair currently is 139 pips.

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$USDJPY-Flag break?

Currently we are @ 111.91 in a range and a bear flag pattern.  We are looking for a break of the flag and a continuation to the 1.618 Fibo @ 111.41 and a break there to the support @ 110.94. The average daily true range (ATR) for the pair currently is 88 pips.


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Podcast

Here’s a new trading Podcast I just did that may be of interest to you.  It is about 55 minutes long and it is about trading not sale fluff

 

https://itunes.apple.com/us/podcast/teach-me-to-trade-pdcast/id1257857025?mt=2&i=1000389966382

 

Enjoy

 

In HIS Grip!

Scott Barkley

$EURGBP-Flag break?

Currently we are @ 0.8875 in a range and a flag pattern.  We are looking for a break of the flag and a continuation to the 1.618 Fibo @ 0.8973 and a break out there to the Day top @ 0.9052. The average daily true range (ATR) for the pair currently is 63 pips.

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Target Trading in the Forex week of July 16th, 2017

Note:  Currently USDX is bearish

$EURUSD

What ProAct Forex Target Traders See:   We are currently sitting @ 1.1466 in a channel inside a channel.  We are looking to complete a 5th wave in the 1.1720 area as lomng as the USDX stays bearish. It could end at the 1.1600 area though. It might take a while though since the pair’s ATR is so low for its popularity.  The average daily true range (ATR) for the pair currently is 57 pips.

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$AUDNZD-go again?

Currently we are @ 1.0552 in a range.  We had one quick move into new territory and are looking for a continuation to the 0.786 Fibo/support @ 1.0477 and a break out there to equilibrium @ 1.0448. The average daily true range (ATR) for the pair currently is 58 pips.

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$GBPAUD-channel trade?

Currently we are @ 1.6818 in a channel.  We are looking for a continuation to the 0.786 Fibo/support @ 1.6723 and a break out there to the Day chart bottom @ 1.6639. The average daily true range (ATR) for the pair currently is 132 pips.

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July Pay Your Mortgage Trade Setup Idea

This month's ProAct Traders “Pay Your Mortgage Trade” idea is found in the GBPJPY pair.

 

07/11/17

 

GBPJPY – a little late due to USA holiday

 

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$USDJPY-rising wedge?

Currently we are @ 114.39 in a rising wedge at the top.  We are looking for a reversal to the channel wall @ 113.50 and a break out there to the 0.500 Fibo @ 112.72. The overall target is 110.00.  The average daily true range (ATR) for the pair currently is 78 pips.

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