Comdoll Trading Kit (October 7-11, 2013): Potential Trade Setups

Potential Trade Setups

AUD/USD: Triangle Forming
AUD/USD ChartHigher lows and lower highs… Looks like AUD/USD is stuck inside a triangle formation on its 1-hour time frame. For range-lovin’ day traders, you could still jump in a quick short until the bottom of the triangle. If you’re patient enough to wait for a breakout, watch out for a rally past the .9450 handle or a drop below .9350. See the setup

USD/CAD: Rising Channel
USD/CAD ChartUSD/CAD still seems to be stuck in consolidation as always, but this pair is starting to creep a little higher. A rising channel can be seen on its 1-hour time frame, as USD/CAD just made a quick bounce off the bottom. If you’re a Loonie bull, you can set a limit order at the top of the channel around 1.0350. See the setup

NZD/USD: Pullback to .8100?
NZD/USD ChartNZD/USD seems to be having a tough time making its way north, as it could take a quick retracement to the .8100 handle. This is in line with the 50% Fib and a former resistance level, which could act as support from now on. Stochastic is pointing down, which means that bears are in control at the moment. See the setup

Significant Levels to Watch Out For

AUD/USD

USD/CAD

NZD/USD

Week Open (WO) 0.9440 1.0288 0.8321
Previous Week High (PWH) 0.9460 1.0358 0.8352
Previous Week Low (PWL) 0.9281 1.0275 0.8194
Top Weekly ATR (tWATR) 0.9551 1.0353 0.8429
Bottom Weekly ATR (bWATR) 0.9330 1.0224 0.8213
Other significant levels 0.9300, 0.9450 1.0300, 1.0200 0.8200, 0.8400

In case you’re wondering what ATRs are all about and how I computed those figures, make sure you check out my entry explaining my trading strategies.
Happy time

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