Forex Secret Tips Trader's Blog

Friday’s bearish candle engulfed the prior day’s one and closed a tad below the 20eMA. There could be an opportunity for a quick 100-pip trade if the low (1.3497) breaks today. If prices continue to fall and push below 1.33 (which creates a lower low), expect EURAUD to re-test the recent double-bottom at 1.2930.

On 2/11, EURCAD fell nearly 200 pips, retreating almost right from its open. This long body bearish candle was preceded by another bearish one which was a twin to a bullish candle prior day (2/9). A lower high is already in place and a lower low could form soon.

Looking at EURCAD to break below 1.3343, thus making the lower low. Prices can then be expected to fall back to 1.31, while further weakness could see a test of the 1.28 recent swing low.

Following up on Forex Trade Watch 1/26, EURUSD did indeed face resistance at the 1.38 region. It had closed above that level once on 2/1 and quickly reversed 2 days later. After dropping to 1.3507, it pulled back above 1.37 days later (and made a lower high), only to reverse yet again.

The bearish candle of 2/10 engulfed the bullish one day before, but prices bounced off the 20eMA and closed above it. However, on Friday 2/11, prices continued to fall and went below 1.35 briefly, a level not seen in the past 3 weeks. The close on 2/11 below the 20eMA, plus a lower low, indicate we can expect lower prices.

Looking at EURUSD to retreat to 1.34, then 1.33 and finally 1.30. The re-emergence of worries about Portugal could fuel this move.

Was pondering some SEO issues when this hit me — I’d composed a little ditty, to the tune of “Itsy Bitsy Spider” (also called “Incy Wincy Spider” according to Wiki )

Here goes…

Googlebot spider crawling thru my site
Be sure to feed it what it likes to bite
Keywords and backlinks, SEO all I might
If not, Forex Secret Tips will be out of sight

Hey, who says traders don’t need distractions? It does get boring sometimes…