July 23, 2013

4 HOUR MACD Forex Chart: July 23

4 HOUR MACD Forex Chart: July 23

eurusd forex market rhythm
July 23, 2013 EURUSD Market Rhythm
Right! (As Philip Nel used to say when he started his trading lesson..)

This is the market rhythm analysis for July 23, 2013 for EURUSD market. The price is now running on the median line with a possibility of breaking higher to reach upper median line (1.33)

Trading Setup:

  • Bounce off lower median line
  • Strong Bull market rhythm, as the price is way above EMA 8 and SMA 89.
  • MACD shows a Trend Continuation signal - a good day to buy?

Risk vs Reward

With the price running to close to the median line, I think it is a good idea to wait to see if it can sustain its pace to break above 1.3250 with take profit around 1.3350 and cut the loss if the price break below 1.3160.

USDJPY Market Rhythm

USDJPY can't maintain above the SMA 89. It is now start to move in bearish market rhythm and while the MACD show a round bottom (buying) signal, it is already near the zero line, which is better for us to wait whether it will break above the zero line, or bounce off and form the down trend continuation pattern.

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About ArrowFX

Technically analyze the forex market mainly on USDJPY, EURUSD and GBPUSD by using market rhythm method started by Philip Nel on Forex Factory. The thread started on 2007 and still alive.
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