by Johan Kriek (jkriek@fxinstructor.com)
This is a late study applicable to the current US session:
Direction of Highest Probability: BEARISH
60 minute trend resistance: 1.4875
Bullish Probability above: 1.4875
Significant resistance: 1.4875
Significant support:1.4665
Direction of Highest Probability: BULLISH
60 minute trend support: 1.6285
Bearish Probability below: 1.6285
Significant support: 1.6285, 1.6257
Significant resistance:1.6680
*Please note that the 60minute trend forms part of a bigger Head and Shoulder bearish pattern. See the chart below (this is why we have a no trade zone)
Head and Shoulders patterns are bearish when found in a bull trend. The neckline support resides at 1.6257. If latter support is violated we can expect a significant drop to the downside. I would wait for this neckline to be violated before entering any shorts as Technical Analysis is not an exact science. Wait for confirmation first
Direction of Highest Probability: BEARISH
60 minute trend resistance:
Bullish Probability above:
Significant resistance:
Significant support:
Direction of Highest Probability: BEARISH
60 minute trend resistance: 0.9140
Bullish Probability above: 0.9140
Significant resistance: 0.9140, 0.9195
Significant support:0.8916
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This analysis has been based on the Probability Study Technique which is derived from the Dow Theory
Also note that a “trading condition” does not constitute a trading signal, but rather a context to execute your own trading system within.
For more about the Probability Study Technique, please visit forums.fxinstructor.com or register yourself a seat at
http://www.fxinstructor.com/eng/courses/probability.php to learn this technique
I am presenting another free Level 1 class on the Probability Study Technique on Friday, 30 October at 6AM EST (10AM GMT) Please go to this link to register for this free class: http://www.fxinstructor.com/eng/courses/probability.php
Enjoy and good luck!
Johan