WEEKLY SUPPORT RESISTANCE FOR THE MAJORS

The link below is the video with the support and resistance levels for this week on the major pairs.  If you only make your trade decisions at these levels you will be safe.  The levels are based on weekly and daily swing support/ resistance.

Indeed, there are intraday support and resistance levels also.  When your intraday sup/res coincides with the weekly and daily swing sup/res, you have a much stronger signal because you have much more volume supporting your positions.  And on the flip side, when you go against these levels with your intraday trades you have much more volume fighting against you.

Just pause the video and copy the levels to your charts.

WEEKLY SUPPORT/RESISTANCE

NOTE:  ON EURUSD ADD ADDITIONAL LINE AT   1.4357

CHEERS, JERRY

JERRYJSTEW@YAHOO.COM

JERRY@FOREXTRADINGMAJIC.COM

Market update Monday Jul 25 2011 9:30 am est

Trading right now is extremely risky with the U.S. debt ceiling news hanging over the markets. We all know that they will come to some type of resolution but, it seems like they will milk it out to the last minute.  Whatever positions we take, if any we want to take a lighter position than we normally would.

I can just see myself taking a boatload position on the perfect Lcm signal and then, BOOM, they come out with the announcement and all hell breaks loose.  Of course the big boys will know before the announcement comes out to the retail traders. Once the big-s know that they have a deal they will suck as many retailers into wrong way positions as possible before the news breaks at the most inopportune time for us.

I am expecting the u.s. pairs to reverse hard once the news comes out. It is soooo dangerous right now because markets are moving only on pure emotion.  The moves look oh so good and we feel like we are missing out.  It's just that any analysis, no matter how perfect, means absolutely knowing when that news breaks.  Thdy have until Aug 2 to play games.

The most dangerous markets right now are the one's that have already made big moves without any pullback tests.

I'll come back a little late with my technical outlook on some of the pairs

Cheers, Jerry