Scott Barkley's blog | ProAct Traders

This is what I see in the Forex the week of August 25th, 2019: USDX, EU,UJ,GU,AU

Note: USDX: We Bearish based on the current chart which may be totally opposite when the Market opens on Monday due to after-hours trading. We are looking for a reaction at this top for a move to the downside. We have convergence for a continuation on the 60-minute MACD (inset). Be aware that this could change in a heartbeat and will affect the currencies below. ATR’s are lower than last week.

$EURUSD

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GBPAUD channel opportunity?

Bullish: Currently we are @ 1.7959 in a Rang. IF we can break resistance here, we are looking for a continuation initially to the Day chart top @ 1.8098 and then to the ATR Target @ 1.8147. the overall target is the 1.8200 area. The average daily true range (ATR) for the pair currently is 177 pips and its 180-day ATR is 165 pips a day.

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EURGBP channel opportunity?

Bearish: Currently we are @ 0.9152 in a Range after a correction. IF we can start the move down here, we are looking for a continuation initially to the 0.500 Fibo @ 0.9112 and then to the ATR Target @ 0.9065. The average daily true range (ATR) for the pair currently is 76 pips and its 180-day ATR is 63 pips a day.

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USDCHF channel opportunity?

Bullish: Currently we are @ 0.9830 in a Range. IF we can break the resistance @ 0.9818, we are looking for a continuation initially to the 0.382 Fibo @ 0.9852 and then to the ATR Target @ 0.8894. The average daily true range (ATR) for the pair currently is 72pips and its 180-day ATR is 56 pips a day.

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GBPAUD Break down?

Bearish: Currently we are @ 1.7870 in a Range. IF we can break slope support, we are looking for a continuation initially to the 0.214 Fibo @ 1.7814 and then to the ATR Target @ 1.7743. The average daily true range (ATR) for the pair currently is 196 pips and its 180-day ATR is 167 pips a day.

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This is what I see in the Forex the week of August 18th, 2019: USDX, EU,UJ,GU,AU

Note: USDX: We are mostly Bearish based on the current chart which may be totally opposite when the Market opens on Monday due to after-hours trading. We are looking for a reaction at this top for a movel to the downside. We have POSSIBLE DIVERGENCE for this reaction on the 60-minute MACD (inset) but could still go to the double top? Until that is know the Dollar Pairs will have difficulty moving in any direction. Be aware that this could change in a heartbeat and will affect the currencies below. ATR’s are slightly higher than last week.

$EURUSD

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EURUSD Channel trade?

Bearish: Currently we are @ 1.1147 in a Range and just finished a pullback (which is your friend). We are looking for a continuation initially to the 0.786 Fibo @ 1.1109 and then to the ATR Target @ 1.1079. The average daily true range (ATR) for the pair currently is 62 pips and its 180-day ATR is 60 pips a day.

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August Real Estate of the Month Trade Setup Idea 08/13/2019:

This month's ProAct Traders “Real Estate of the Month” (formerly the pay your mortgage trade) idea is found in the EURAUD pair.

08/13/19 1.6530 start target= 1.5633 for 897 Pips

We took the first trade on the break of the wedge pattern. This is a potentially a good trending opportunity (we are already in wave 3). We are anticipating a 4th wave at Target 2 (1.6010 area) and the overall target could be all the way to the S7 @ 1.5633. We will need a short pullback shortly to establish a new trend angle to the downside (dotted Line in Graphic).

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GBPAUD range trade?

Bullish: Currently we are @ 1.7891 in a Range and just finished with a pullback (which is your friend). We are looking for a continuation initially to the 0.500 Fibo @ 1.7959 and then ATR Target @ 1.8038. The average daily true range (ATR) for the pair currently is 159 pips and its 180-day ATR is 166 pips a day.

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USDCHF range Breakout?

Bearish: Currently we are @ 0.9714 in a Range and attempting a breakout. If successful, we are looking for a continuation initially to the ATR Target @ 0.9671 and then the 1.270 Fibo @ 0.9616. Watch for the bounce there. The average daily true range (ATR) for the pair currently is 64 pips and its 180-day ATR is 56 pips a day.

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