Wingos Weekly Forex/Futures Market Outlook Week 26 of 52 Trading Year: 2011

Published on Tuesday June 28th, 2011 at 05:25AM by mwingo1135

I see that meetpips is redesigning their website for the future.

I wanted to post a basic weekly market outlook

Covering average daily range, support/resistance levels, and more for the Forex and Futures market.

Up this week is the greek debt finally. Which could really get the markets moving next week.

Enjoy the link

http://www.tradelikewingo.com/Wingo_Weekly_Analysis_Week_26_2011.doc

Happy Trading.

6 comments

On Wednesday June 29th, 2011 at 01:49PM by sasa2340 - Like - 0 People

Great analysis. Thank you!

I just have a question. Do you think EUR/USD is facing to its reversal to downtrend since I see fifth Elliott waves around 38.2 fib. for donward with downward trendline?

I'm not professional, so I may be wrong; but I appreciate if I could hear some pro's thought about this.
On Thursday June 30th, 2011 at 04:41AM by mwingo1135 - Like - 0 People

the euro based on channels is currently in an uptrend. However although the strength is to the upside the actual movement right now is ranged bound. We are right at the top of the range at 1.4526 a good reversal point but unlikely at present daily bar. We are losing strength going long but the 1.4648 pivot is still there and may be tested. If we were looking at a long breakout it not showing. So the market could either reverse like you see but we are also 160 points away from the swing high.

If you were already long, I would take some profits and let the rest ride to see if it breaks out from the pivot. If you were not long and looking to get short. I would wait a couple of daily bars (it is the end of the quarter) and look to see how the position traders readjust their risk for next quarter.

Right now the EURO could go either way. Even strength both ways.
On Thursday June 30th, 2011 at 05:01AM by mwingo1135 - Like - 0 People

Something to think about. With your elliot wave wouldn't the three level be longer than the 1 level. Also I am sure there are automatically drawing elliot wave indicators out there
On Thursday June 30th, 2011 at 02:59PM by sasa2340 - Like - 0 People

Thank you for your response and an impressive advise. I'll consider the power of uptrend as you advised. For elliott waves, I was attempting to draw according to "Sentiment in the Forex Market" by Jamie Saettele in which he describes consolidating waves as a,b,c,d,e (lowcased) within the triagle after a long trend. But I see the uptrend channel as well. I strongly agree with your point of both possibilities. Thanks!
On Saturday July 2nd, 2011 at 03:04AM by Multimillionairekid - Like - 0 People

Hi therem can I know where did you learn how to analysis and trade all these different instruments in your market outlook? I am currently trading only spot forex market and I wish to understand more about the other markets and possibly trade some of them but I have no idea how they work.

Can you give some advise where should I start?
On Saturday July 2nd, 2011 at 04:41AM by mwingo1135 - Like - 0 People

Not really advice just go with whats there... A book! Internet! Google! For example forex (babpypips.com) Futures (EliteTrader.com) Google: what is the futures market. go to http://www.traderslibrary.com/ and http://www.traderspress.com/index.php and look over all the categories. Fundamentally I can trade the market and Systematically I can trade the market. Both are two different disciplines but its best to be systematic (having a system) my system is what works with multiple markets.