Scott Barkley's blog | ProAct Traders

Target Trading in the Forex week of 10/14/2017

Note: USDX is ranging and could go either way – I will post both scenarios below.

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.1722 in a range and possible channel. A couple of different scenarios: 1: Bullish: a move to the 0.214 Fibo @ 1.2004 area and 2: Bearish: A break down to the double bottom support @ 1.1659 and a possible bounce there. The average daily true range (ATR) for the pair currently is 64 pips.

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$USDJPY

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EURJPY- channel

Currently we are @ 1.6483 in a range. We bounced hard on the 0.786 as expected and are looking to continue initially to the 0.382 Fibo Resistance @ 1.6564 and then to the 0.214 Fibo Resistance @ 1.6653. We could get to the double top @ 1.6765 this week. The average daily true range (ATR) for the pair currently is 119 pips.

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EURNZD- made the turn

Currently we are @ 1.6483 in a range. We bounced hard on the 0.786 as expected and are looking to continue initially to the 0.382 Fibo Resistance @ 1.6564 and then to the 0.214 Fibo Resistance @ 1.6653. We could get to the double top @ 1.6765 this week. The average daily true range (ATR) for the pair currently is 119 pips.

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AUDUSD- Slope break

Currently we are @ 0.7836 in a 5th wave IF we break the slope support. We are looking to continue initially to the 0.618 Fibo Support @ 0.7789 and then to the S5 support @ 0.7727. We could get to the double bottom @ 0.7586 this week. The average daily true range (ATR) for the pair currently is 53 pips.

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GBPJPY- continue

Currently we are @ 148.39 in a 5th wave. We are looking to continue initially to the S3 Support @ 147.83 and then to the S5 support @ 145.50 this week. The average daily true range (ATR) for the pair currently is 104 pips.

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Target Trading in the Forex week of 10/14/2017

Note: USDX is still bullish although in a correction in my opinion. ATR’s are really dropping.

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.1820 in a 5th wave. We are looking for a continuation down to the S4 @ 1.1626 and then bounce hard. The average daily true range (ATR) for the pair currently is 64 pips.

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$USDJPY

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GBPJPY- continue

Currently we are @ 1.3132 in a 5th wave. We are looking to continue initially to the S3 Support @ 1.3082 and then to the S4support @ 1.2997. The overall target is the S5 @ 1.2849 and expect that is its termination. The average daily true range (ATR) for the pair currently is 133 pips.

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GBPCHF- continue

Note: FOMC today- stay out of USD currencies

Currently we are @ 1.2852 in a channel. We are looking to continue initially to the 0.500 Fibo @ 1.2772 and then to the 0.618/Day support @ 1.2672. The average daily true range (ATR) for the pair currently is 116 pips.

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EURJPY- continue

Currently we are @ 132.50. We are just starting a 5th wave up. We are looking to continue initially to the R3 @ 133.41 and then to the R4 / top @ 134.33 with and overall target of 135.75. The average daily true range (ATR) for the pair currently is 90 pips.

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Target Trading in the Forex week of October 8, 2017

Note: Monday is a holiday in the USA – All banks are closed. USDX is still bullish.

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.1733 in a 5th wave. We are looking for a continuation down to the S4 @ 1.1605 and then bounce hard. The average daily true range (ATR) for the pair currently is 74 pips.

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$USDJPY

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