DecaPip Daily 03/07/2015

Introduction to DecaPip
Welcome to our newest feature; DecaPip. The concept is simple: our professional market technician, with an exceptional system, showcases his own daily Support and Resistance levels across a broad spectrum of FX currency pairs. The most effective way to use the levels are:

  • If indicated levels hold, look for the price to reverse.
  • If levels are broken, look for the price to continue past to new highs or lows.

 

The Littlefish FX DecaPip Daily: Intraday outlook highlighting Resistance and Support levels in the Forex market for 03/07/2015…

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 to 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 aover 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 EURJPY. 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

Screen shot 2015-07-02 at 17.29.56

136.13 Support 1

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 incase 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 USDJPY to take a swing entry to the short side.

124.08 Resistance 1

122.95 Support 1

Screen shot 2015-07-02 at 17.53.02

Got any questions about our new DecaPip feature? Contact Nathan at Nathan@littlefishfx.com

Disclaimer:
All comments, charts and analysis on this website are purely provided to demonstrate our own personal thoughts and views of the market and should in no way be treated as recommendations or advice. Please do not trade based solely on any information provided within this site, always do your own analysis. For more information please see our full disclaimer in the footer below.