Forex Blog

A new Forex strategy e-book now can be downloaded from my site - this time it’s about many (really a lot) powerful short term strategies and the basic rules of trading Forex using such strategies. It even has a chapter on Wolfe Waves - one of my best trading method for Forex charts. But don’t expect to spend 20-30 minutes to read some strategy from this e-books and begin earning millions in a few days. This is a big book with highly interconnected information that will help you a lot in your strategy building as a whole book, not separate chapters. Be prepared for some long but very interesting and educating reading:

Street Smarts - High Probability Short Term Strategies - by Laurence A. Connors and Linda Bradford Raschke.

Today EUR/USD renewed its long term maximum once again - 1.3842 is the highest rate since the November 1995. The lack of important economical releases for this day didn’t stop EUR/USD bulls from holding Euro above the crucial 1.3800 mark. But how will EUR/USD behave in the near future? Will it go for 1.4000 and then for the new absolute historical maximums? Or will it just stuck in the 1.3800-1.3900 range until the bearish force will pull it down? Let’s look at this EUR/USD weekly chart:

Don’t be confused with the red arrow - it’s just a purposed direction for the next medium term market movement. As seen on the chart a “W” formation of the Wolfe Waves theory can be clearly recognized within the first 4 red-marked waves. The next wave should follow as the correctional for these four. Looking at the chart this forecast is quite obvious. But I am almost sure that before the correction will start (which in my opinion will last for 4-5 weeks with the bottom around 1.3600) current bullish wave will live for another one or two weeks leading EUR/USD to around 1.3900 level. But nevertheless, even if the above mentioned correction will take its place, the further EUR/USD behavior is more bullish-orientated with the possible 1.3400-1.34500 targets by the end of 2007.