We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of the EURUSD Forex pair (FOREX:EURUSD).
When trading Forex with the MarketClub system, you use the weekly Trade Triangles to tell trend, and the daily Trade Triangles to time the entry and exits points of the trade.
The EURUSD made a double top on a bearish MACD momentum divergence.
When the EURUSD broke through the double top support, MarketClub triggered a weekly red Trade Triangle signaling the trend had turned down for the EURUSD.
Since the red weekly Trade Triangle was triggered, there have been two new daily red Trade Triangles which were both opportunities to go short.
Friday (1/31/14) the EURUSD broke through current support and both the weekly and daily Trade Triangles are red which puts the odds with lower prices from here.
The EURUSD is an excellent Chart to Watch, as the picture is clearly bearish right now and there looks to be great opportunity on the downside.