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Market Outlook – February 1, 2012 February 1, 2012

Posted by Musa in : Journal , trackback

Before we enter Europe session and US session, let’s take a look at the general movement of EURUSD and GBPUSD.

EURUSD

If we take a look at H4 timeframe on EURUSD, it showed that yesterday is breaking the trend. If we observe further, we can capture head-and-shoulder pattern in this timeframe. Indicating that in the next day there will be reversal direction from current trend.

For long term, it preferable to put short or sell with target point as high as the head and the shoulder, or 160 pips. And the stop loss is the top of the head. But, for daytrade, we have to beware for the news. There are US ADP Non-Farm Employment Change and US ISM Manufacturing PMI. And it is possible that the price will be bounce back first before fall down.

GBPUSD

GBPUSD on H4 timeframe also showing the strong up trend. The price is in the sideways on the way to the down up-trend line. If it break the trend line, it is possible that the price will break out to fall. But if it bounce back, it will be the support and the price will goes up to the up up-trend.

Warning: Do not use this material as the signal, but use as the general reference movement of the price. If you want to know the entry signal, I’ll post in my journal of Naked Trading, not here.

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