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My Thoughts and Technical Perspective for 3 Forex Pairs.
This article looks at how I see price action for 3 forex pairs: USD/JPY, CAD/JPY and USD/CAD.
Figure 1: “1 Month” charts of USD/JPY, CAD/JPY and USD/CAD.
From figure 1, I’ve used Fibonacci retracement (or Fib.) levels to get a simplified view of possible support and resistance levels.
The other 2 horizontal price levels nearest to current price are colored in red (for likely resistance) and blue (for likely support). Those additional price levels are drawn off from the “1 week” charts. It’ll be preferable that the 2 levels are also applicable on “1 Month” time-frame as seen from above.
For both USD/JPY and USD/CAD, their current candle suggest that USD is strengthening more than JPY and CAD.
For CAD/JPY, CAD is getting more buyers than JPY.
Overall, on this time-frame, the ranking based on price strength are: USD (strongest of the 3); CAD; and followed after by JPY (weakest).
Figure 2: “1 Week” charts of USD/JPY, CAD/JPY and USD/CAD
From figure 2, the price action in recent weeks for USD/JPY and CAD/JPY seems to ignore the Fib. Levels. In this case, it is a good indication to look for long trade setups more than short setups …
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Illya avatar
Illya 28 Dec.

Good!

Helena_Prekrasnaj avatar

I hope your in-depth analysis contributed to successful trading!))

Amaya avatar
Amaya 31 Dec.

отличная работа

edlim avatar
edlim 31 Dec.
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Dear friends,

Thanks a lot for your time and support here.
Really appreciate it!

May 2017 be a year of good accomplishments and many wonderful memories to all. 

Sincerely,
Edwin

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vikyllya 3 Jan.

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10/21
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Harmonic trading is based upon the theories that rule natural and universal growth cycles. Fibonacci numeric relationships conduct the cyclical traits of development in many of life's natural growth processes. These relationships can be found all over the place:
  • 0.618 and 1.618 constants are found in the Great Pyramids;
  • The golden ratio in the Parthenon of Athens and the works of Leonardo Da Vinci;
  • Planetary phenomena adhere to these golden proportions (Earth and Venus orbits);
  • Nautilus seashells's chambers possess Fibonacci relationships;
  • Fibonacci sequence of numbers can be found in over 12,000 plants specimens;
  • The human body possesses a variety of ratio measurements;
  • And so on and on and on.


Figure 1. Fibonacci Sequence in the Nautilus Shell

Market prices are defined by the degree of selling and buying, being affected by the greed or fear of the markets participants. Normally, price action moves in cycles, due to both decline and growth. As such, all participants together follow the universal principals as other natural phenomena, displaying a cyclical growth behavior.
The problem while studying harmonics is that one may get lost in the need to understand why these relationships exi…
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Likerty avatar
Likerty 16 Aug.

Yeas, Fibs have a amgical effect in te markets!:) Nice and clear explanation

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