24-Hour FX Price Targets

[Dave Floyd]

Wednesday's Targets

[Dave Floyd]

Performance Data for 24-Hour Target Trades:

Pip count Week of Dec 4th: 140 pips (Monday & Wednesday only)
Cumulative since Oct 10th: 1,394 pips

[Dave Floyd]

Monday's Targets

[Dave Floyd]

AUD/USD hits target at .7540

USD/JPY has just achieved its 24-Hour FX Target at 120.15.

A net gain of roughly 55 pips.

DXC is getting quite extended here and a counter-trend bounce is likely.

[Dave Floyd]

As is typical after a big move in the FX markets (any market for that matter) prices will need to consolidate or complete some sort of counter-trend move before price action become conducive again. This is the case today.

While we still see a weaker dollar in the near-term, it is simply too oversold currently to be able to place trades with a realtively high probability of success. For those nimble and comfortable with picking bottoms, the current levels may very well represent good long entries for a quick pop to the upside. We will choose to wait patiently for the charts to offer better entry points.

We do see decent set-ups in AUD and NZD and are comfortable with these calls.

Depending on what happens with prices in the next 2-3 hours, we may actually have a few specific trade calls - so stay tuned.

[Dave Floyd]

Refer to the 'Targets Manual' below for details on how to use the 24-Hour FX Targets

[Dave Floyd]

Slightly different posting than normal......

- GBP/USD poised to break out of ascending wedge formation. Look for a break above 1.7775 to expose 1.7830

- We see AUD/USD failing on this counter-trend bounce at the .7490-.7500 level. We expect it to trade back below .7468 (key support)

- EUR/JPY is quite oversold regardless of the indicator you may use to measure this 'term' - stochastics, RSI, price travel range, Bollinger Bands etc.

Naturally catching a falling safe is tough and requires impeccable timing. However, at current levels, 139.25, EUR/JPY appears poised for a bounce higher towards 139.70 & 140.10.

This is a risky trade, but if timed correctly, may yield some solid gains.

** The term 'Rubber Band' is simply our definition of a reversal trade. Like a rubber band, you can only stretch it so far before prices snap back (mean reversion)

Dave

[Dave Floyd]

Monday's Targets - refer to 'User Manual' in earlier postings