FX Path

Special Webinar Next Week: How To Trade Forex

James Chen — Fri, 12 Mar 2010 19:10:05 +0000

I will be participating in a special free FXstreet.com webinar next week entitled: “How To Trade Forex - Trading Gurus Reveal Their Secrets”. This two-part webinar will be held on Tuesday, March 16 and Wednesday, March 17. On both days, featured webinar presentations will begin at 15:00 GMT (11:00 AM U.S. Eastern Time). Besides myself, featured speakers will include: Markus Heitkoetter, Rob Booker, Andrei Pehar, Valeria Bednarik, and Kim Cramer Larson. For more information and to register for these sessions, please click on the following links:

Part 1: http://www.fxstreet.com/live/sessions/session.aspx?id=c7c5e40c-07b0-4cee-9f78-e313ef8f9e7d
Part 2: http://www.fxstreet.com/live/sessions/session.aspx?id=61a8b188-4411-47ad-b8f5-417c03406173

Hope to see everyone there!

- James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

USD/CAD - Breaks Down 1.0200; Potentially Targeting Parity

James Chen — Fri, 12 Mar 2010 17:46:03 +0000

Bearish price action on USD/CAD, a daily chart of which is shown, has finally made a tentative breakdown below the key 1.0200 support level after respecting this level several times this week. Friday’s (3/12/2010) breakdown of 1.0200 establishes a new 19-month low for this pair. The current bearishness puts USD/CAD on a potential path towards parity (1.0000), a level not reached since July 2008. For more technical analysis on this currency pair, please click here for Friday’s (3/12/2010) Chart of the Day.

- James Chen, CTA, CMT

Spot Gold - Bearish Correction to Long-Term Uptrend Line

James Chen — Thu, 11 Mar 2010 15:25:20 +0000

Recent bearish price action on spot gold, a daily chart of which is shown, has prompted a correction back down to the long-term uptrend support line. This bearish correction occurs right after price reached a high of around 1145 just last week. As of Thursday (3/11/2010) morning New York session, price is hovering right around the key trendline. For more technical analysis on gold, please click here for Thursday’s (3/11/2010) Chart of the Day.

- James Chen, CTA, CMT

AUD/USD - Following Bullish Trend

James Chen — Wed, 10 Mar 2010 16:22:26 +0000

Though technically still entrenched within a sideways consolidation, AUD/USD (a daily chart of which is shown) has displayed a marked bullishness since the early February low. This bullishness has prompted the pair to rise above several key resistance levels to the point where the 15-month high just above 0.9400 is not far off. For more technical analysis on this currency pair, please click here for Wednesday’s (3/10/2010) Chart of the Day.

- James Chen, CTA, CMT

GBP/USD Continues Slide Within Overall Downtrend

James Chen — Wed, 10 Mar 2010 14:44:14 +0000

As of Wednesday (3/10/2010) morning New York session, price action on GBP/USD has continued its slide that began in the beginning of the week. Having broken down below the key 1.5000 mark, continued bearish price action in line with the overall downtrend could currently be targeting support around the long-term 1.4780 low of last week.

- James Chen, CTA, CMT

Webinar - My Daily Analysis: Finding High-Probability Trading Setups

James Chen — Tue, 09 Mar 2010 18:17:48 +0000

I will be holding my monthly webinar here on FXstreet.com this week (Free Access Day) that is open to all. It is entitled “My Daily Analysis: Finding High-Probability Trading Setups” and will be held on Thursday, March 11, 2010 at 17:00 GMT (12:00 PM U.S. Eastern Time). In this monthly webinar, I will show my current analysis using live chart examples that will highlight potential trading opportunities.

Here is the description of this webinar: Through a wealth of current chart examples, find out the specific approach I take when performing daily currency analysis and how I use my analysis to identify high-probability trading setups based upon the prevailing trend conditions and key support/resistance levels. Learn about entry and exit setups as well as risk management techniques.

For more information and to pre-register for this free webinar, please click on the following link: http://www.fxstreet.com/live/sessions/session.aspx?id=22218b46-f273-4580-81a9-411fa509da30. Hope to see everyone there!

- James Chen, CTA, CMT

USD/CHF - On Verge of Potentially Breaking Resistance

James Chen — Tue, 09 Mar 2010 16:54:49 +0000

Price action on USD/CHF, a daily chart of which is shown, has consolidated in a tight, slightly bearish consolidation right underneath a key long-term downtrend resistance line extending from the 2008/09/10 high hit in November 2008. Since recently hitting this trendline in mid-February, price has bumped up against it several more times without breaking the dynamic resistance imposed by the line. Currently, since the lows around parity (1.0000) in early December, this pair has been entrenched in a medium-term uptrend. For more technical analysis on this currency pair, please click here for Tuesday’s (3/09/2010) Chart of the Day.

- James Chen, CTA, CMT

International Traders Conference Online 2010

James Chen — Mon, 08 Mar 2010 18:59:43 +0000

I’m proud to announce my participation in FXstreet.com’s International Traders Conference Online 2010. This conference will feature the same key speakers, topics, and live trading education as the International Traders Conference 2009 in Barcelona that I participated in last year. Here are all the details for this upcoming online conference in April: http://www.traders-conference.com/itc-online.aspx . Hope to see you all there!

- James Chen, CTA, CMT

GBP/USD - Correction within Strong Accelerated Downtrend

James Chen — Mon, 08 Mar 2010 16:27:25 +0000

Price action on GBP/USD, a daily chart of which is shown, has made a bullish correction since the beginning of March after having dipped well below the key 1.5000 psychological level on March 1st. This bullish correction exists within the context of a steep accelerated downtrend in the pair. After having corrected up to approach the 1.5200 price region, the directional bias continues to be bearish in line with the strong current downtrend. For more technical analysis on this currency pair, please click here for Monday’s (3/08/2010) Chart of the Day.

- James Chen, CTA, CMT

EUR/USD - Range-Bound Within Downtrend

James Chen — Fri, 05 Mar 2010 16:40:39 +0000

Price action on EUR/USD, a daily chart of which is shown, continues to languish in consolidation despite a false upside breakout above the top (around 1.3700) of the current short-term trading range earlier in the week. The month of March could likely see continued bearishness for EUR/USD in line with the currently prevailing downtrend. Having just this week reached down to hit a new 9-month low just above 1.3400 support, price could potentially go on to target further support levels to the downside. For more technical analysis on this currency pair, please click here for Friday’s (3/05/2010) Chart of the Day.

- James Chen, CTA, CMT