What is the direction of highest probability today? (16/11/09)

by Johan Kriek (jkriek@fxinstructor.com)

Key events:

10:00 GMT – Eurozone CPI

13:30 GMT – US retail sales

* both of the above are significant fundamentals so I suggest you make sure your exposure is in place before trading before such a big market moving fundamental

Probability Studies:

Direction of Highest Probability: BULLISH
60 minute trend support: 1.4877
Bearish Probability below: 1.4877
Significant support: 1.4877, 1.4750
Significant resistance:1.5050

*the high at 1.5050 must be taken out before this one will be deemed bullish trading condition

Direction of Highest Probability: BEARISH
60 minute trend resistance: 1.6735
Bullish Probability above: 1.6835
Significant resistance: 1.6843
Significant support:1.6630

Direction of Highest Probability: BULLISH
60 minute trend support: 0.9317
Bearish Probability below: 0.9317
Significant support: 0.9317, 0.9290
Significant resistance:0.9370

*the high at 0.9370 must be taken out before this one will be deemed bullish trading condition

Direction of Highest Probability: BEARISH
60 minute trend resistance: 89.77
Bullish Probability above: 89.77
Significant resistance: 89.77, 90.11
Significant support:89.27

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This analysis has been based on the Probability Study Technique which is derived from the Dow Theory

Also note that a “trading condition” does not constitute a trading signal, but rather a context to execute your own trading system

within.

For more about the Probability Study Technique, please visit forums.fxinstructor.com or register yourself a seat at
http://www.fxinstructor.com/eng/courses/probability.php to learn this technique or to book a free Level 1 class

Enjoy and good luck!

Johan