Scott Barkley's blog | ProAct Traders

$GBPAUD- descending wedge break?

Currently we are @ 1.6216 in a big range in a descending wedge and a down channel. We are looking for a break and an initial move to the 1.618 Fibo @ 1.6086. The average daily true range (ATR) for the pair currently is 128 pips.

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Target Trading in the Forex week of August 20th, 2017

Note: Currently USDX is bearish – affects the direction below

The August “Pay Your Mortgage Trade Idea” is the CADJPY

$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.1764 after completing a 4th wave. We are looking to continue up in a 5th wave to the R5 @ 1.2038. The average daily true range (ATR) for the pair currently is 82 pips.

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$USDJPY

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$NZDJPY- triangle break?

Currently we are @ 80.47 in a big range. We are looking for a break and an initial move to the 0.382 Fibo @ 81.07 and then a move to the 0.214 Fibo @ 81.61 is likely. The average daily true range (ATR) for the pair currently is 73 pips.

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$EURAUD- support break?

Currently we are @ 1.4905 in a big range. We just got a break of the support @ 1.4937 and a move to the 0.618 Fibo @ 1.4828 is likely. We had consolidation in this area before so look to do it again. The average daily true range (ATR) for the pair currently is 102 pips.

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$AUDCHF- support break?

Currently we are @ 0.7619 in a big range. We are looking for a break of the support @ 0.7590 and a move to the 0.500 Fibo @ 0.7530 and then a continuation to the 0.618 Fibo @ 0.7471. The average daily true range (ATR) for the pair currently is 73 pips.

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$GBPJPY- support break?

Currently we are @ 142.23 in a big range. We are looking for a break of the support @ 142.00 and a move to the 1.618 Fibo @ 141.46 and then a continuation to the 1.270 Fibo @ 140.58. The average daily true range (ATR) for the pair currently is 74 pips.

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Target Trading in the Forex week of August 13th, 2017

Note: Currently USDX is bearish – affects the direction below

The August “Pay Your Mortgage Trade Idea” is the CADJPY

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$EURUSD

What ProAct Forex Target Traders See: We are currently sitting @ 1.1826 after completing a 4th wave. We are looking to continue up in a 5th wave to the 1.270 Fibo @ 1.2028. The average daily true range (ATR) for the pair currently is 84 pips.

$USDJPY- support break?

Currently we are @ 109.60 after a break of support in a big range. We are looking for a move to the Day chart bottom @ 108.85 and then a bounce. The average daily true range (ATR) for the pair currently is 83 pips.

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August Pay Your Mortgage Trade Setup Idea

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

08/08/17

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$CADJPY- support break?

Currently we are @ 86.99 on a strong support. IF we can break this we are looking for a move to the 0.382 Fibo @ 86.34 and then a bounce. The average daily true range (ATR) for the pair currently is 71 pips.

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