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Intraday outlook highlighting Resistance and Support levels in the forex market for July 3rd, 2015
For this edition of DecaPip Daily, I would like to concentrate on some trading swing set ups that I have located on my charts. My idea is to simply swing trade the first trend line resistance level on each featured chart for a sell position in the market and quickly take some profits on a Friday.
My own trading style in the market is to look for a further away swing entry and find a level to trade on the outer ranges, rather than a Resistance or Support that is too close to current price. Typically, I pick a currency pair that is counter trending and look for a decent pull back to enter the market from over stretched levels.
A point to mention here is that with this particular style of trading, patience is key, and sometimes these far away levels can take a few trading days to reach my entry points.
The first chart depicts something that I am currently watching on EUR/JPY. The first resistance 1 point to swing or a clean break under the Support 1.
Ideally, we need momentum and higher time frame closes to sell Support breaks because they are highly risky and certainly I am not a fan of selling lows.
137.15 Resistance 1
137.50 Resistance 2
136.13 Support 1
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135.25 Support 2
With some years of experience trading, now I always like to look at 2 swing trading set ups on an intraday basis, in case my original trade idea does not happen that given day, and an unfortunate truth that my money making potential is impeded.
Very simply, I am looking for the higher Resistance on USD/JPY to take a swing entry to the short side.
124.08 Resistance 1
122.95 Support 1
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