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USDSGD: Boxes show a possible WRMB or BM coming

I spoke about this pair in the recent Best Practice class on Big Moves, we were looking to Sell this pair however market has been testing our resolve so far. Let’s take a look again at this pair through boxes and see if anything has changed.

On the H4 charts

Possible WRMB or BM can be seen forming in USDSGD

Possible WRMB or BM can be seen forming in USDSGD

  • We see that recently price has created some “flatishness” with previous 2 week’s high around the same price.
  • This immediately allows us to anticipate two possible scenarios this week.
    • If price were to move down in line with the previous bearish expansion (WTT). Then we would be looking for price to give us a WRMB.
    • If the bullishness strengthens, then we might see a possible bullish expansion which might lead towards price turning up (CTT or Reversal)

On the D1 chart, we can see price mapping out the immediate support and resistance zones.

Boxes show the immediate Support and Resistance levels for USDSGD

Boxes show the immediate Support and Resistance levels for USDSGD

  • These zones need to be cleared for price to travel further.
  • If price were to be able to clear the resistance zone via a BM (bullish expansion), then a the below pattern might have a chance of completing and we would no longer be looking for a sell.
Possible D1 1234 pattern seen in USDSGD

Possible D1 1234 pattern seen in USDSGD

 Updated (6th June 2014 – Jerome)

Price is clearly a down at this point with price still resisted and completing a WR of previous month high.

USDSGD - Resisted by Prev D1 Boxes

USDSGD – Resisted by Prev D1 Boxes

Currently on the H4 charts we can see a clear 1234 pattern formed. Look for price to retrace to previous boxes high as resistance or a close below modified F6 as opportunity.

USDSGD - 1234 in H4 Charts

USDSGD – 1234 in H4 Charts

Below are some suggested reading written by Tionghum especially useful for USDSGD

 

Last time, many things that I wanted were just dreams, now I see them as possibilities. I’m looking forward to own pent-house suite in Manhattan overlooking Central Park because forex trading with Tflow® makes it possible. Find me on Google+

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3 thoughts on “USDSGD: Boxes show a possible WRMB or BM coming”

  1. Jiun Chang Kelvin Lee says:

    It has broke out of the resistance. So are we looking to buy instead?

    1. Jerome Lee says:

      Hi Kelvin,

      Based on the charts this morning, it has yet to clear above the resistance in the D1 charts which is key.

      Perhaps in the interest of further learning, you can do up a detailed analysis for this pair with your bias, where you think you would be looking for entry, if there is any 1234 pattern and your TP and SL level then screen capture it and send it to me so that we can discuss it via email.

    2. Soh Tiong Hum says:

      Dear Kelvin,

      It is not a good idea to buy when price has just broken resistance. There is always the chance that it is may be a false breakout. The better idea is to wait for retracement to find support. That said, you also need to be mindful of the overall picture (see here).

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