Blackwood_fx

Message Follow Following Unfollow
Joined Detroit, MI
Markets Allocation
96 % forex 4 % commodities
Top Mentioned Symbols
EURUSD 18% | 5 EURJPY 11% | 3 AUDUSD 7% | 2 GBPJPY 7% | 2
Blackwood_fx Blackwood_fx EURJPY, 240,
EURJPY: EUR/JPY WEDGE FORMING ON 4H CHART (Swing)
34 0 3
EURJPY, 240
EUR/JPY WEDGE FORMING ON 4H CHART (Swing)

Looking at the 4H time frame we have what looks like a symmetrical wedge forming. If it breaks to the downside I am expecting a drop to the 118.25 level, if it breaks to the upside I am expecting it to hit the 126.20 area.

Blackwood_fx Blackwood_fx AUDUSD, 240, Short ,
AUDUSD: AUDUSD SHORT--WATCH FOR THE RETRACEMENT OFF OF THE .618
39 0 4
AUDUSD, 240 Short
AUDUSD SHORT--WATCH FOR THE RETRACEMENT OFF OF THE .618

Looks like we should have a continuation to the downside with this pair. These are my thoughts: Overall trend is bearish PA (price action) is under the 200ma on the D time frame PA has moved quite a bit highter than the 20ma on the D time frame (insinuating a snap back) PA is running into the .618 retracement level We will see how this plays out but I think the ...

Blackwood_fx Blackwood_fx EURUSD, D, Long ,
EURUSD: EURUSD LONG***Lets Take A Look!!
64 0 3
EURUSD, D Long
EURUSD LONG***Lets Take A Look!!

It appears that with PA bouncing inside the channel we have a long position forming. This also corresponds with some Elliott Wave theory but im not going to get into that right now. It is already in somewhat of an uptrend if youlook back a year or so, I always like to take positions with the trend. Risk management is key, as always!!

Blackwood_fx Blackwood_fx EURJPY, 240, Long ,
EURJPY: EURJPY Break Out & Re-Test on the 4H...Good Time To Get In!!!
47 0 3
EURJPY, 240 Long
EURJPY Break Out & Re-Test on the 4H...Good Time To Get In!!!

Fairly plain to see here if you follow my style at all. I love to trade breakouts.They are a high probability pattern, and being that human psycology drives all markets we knw that the pattern will continue to repeat itself. All we have to do is find them... On the 4H price action has broken out from a wedge and has come back down to re-test. As soon as I see a ...

Blackwood_fx Blackwood_fx AUDNZD, D,
AUDNZD: AUDNZD **Decision Time Approaches**Bounce or Break
23 0 1
AUDNZD, D
AUDNZD **Decision Time Approaches**Bounce or Break

Price action has been consolidating in a wedge for nearly a year now on the D1 time frame. We are at a crutial area of support, it is either goint to bounce or breakout here as it tests the support level. My gut tells me it is going long, a bounce off of the trend line. Risk management!!!

Blackwood_fx Blackwood_fx AUDCAD, 60, Short ,
AUDCAD: AUD/CAD Short Play **After the Break**
27 0 3
AUDCAD, 60 Short
AUD/CAD Short Play **After the Break**

On the smaller time frame (1H) we can see PA is bouncing inside a channel. It looks like it wants to drop, after the break of the smaller trend line I am opening a short position.

Blackwood_fx Blackwood_fx USDJPY, 240, Short ,
USDJPY: USD/JPY SHORT Setup forming!!
74 1 4
USDJPY, 240 Short
USD/JPY SHORT Setup forming!!

PA has found a fairly well established trend line as resistance. In addition PA is below the 200sma which increases odds of a short position. As soon as PA breaks the small trend line to the downside I am going to open my short position. I just got stopped out on this pair two days ago so I am proceeding with caution as I dont like to revenge trade. Keep a cool ...

Blackwood_fx Blackwood_fx AUDJPY, 60, Long ,
AUDJPY: AUD/JPY Consolidation
20 0 1
AUDJPY, 60 Long
AUD/JPY Consolidation

We can clearly see PA is consolidating into a wedge pattern. It looks like it wants to pop to the upside. At the moment Im going to sit on the sidelines and wait for PA to give me a clear direction. If it breaks above the 80.75 area it will continue close to 81.75 where there is a supply zone. most of my trades are swing trades but this one may be shorter. ...

Blackwood_fx Blackwood_fx ES1!, D, Short ,
ES1!: S&P500 Short--Bouncing Inside A Channel.
11 0 0
ES1!, D Short
S&P500 Short--Bouncing Inside A Channel.

I have been over all bearish on the US economy for a while. This chart, I believe perfectly sums up how things will unfold. We are going to see some resistance near the 1800 mark, then I think we break below it. We shall see.

Blackwood_fx Blackwood_fx USDJPY, 60, Long ,
USDJPY: USD/JPY Potential Breakout - Wedge Pattern
77 0 5
USDJPY, 60 Long
USD/JPY Potential Breakout - Wedge Pattern

I don't normally trade on the 1H time frame but I do see a nice wedge forming here. Given the overall trend is to the upside I am assuming this will break to the upside. Until price action gives me a reason to act I will wait patiently for the break out.

Blackwood_fx Blackwood_fx AUDCAD, D, Long ,
AUDCAD: AUD/CAD Long!!! Another Bounce In Action
32 0 2
AUDCAD, D Long
AUD/CAD Long!!! Another Bounce In Action

Again, on the daily time frame we see a nice wedge forming here. It appears to me a bit to early for the breakout which is making me lean toward a long position. In addition the 200sma is acting as support to PA. Seems to be a high probability long play here. As always, risk management is crucial!!!

Blackwood_fx Blackwood_fx NZDUSD, D, Long ,
NZDUSD: NZD/USD Long-- Bounce Play Inside the channel
23 0 0
NZDUSD, D Long
NZD/USD Long-- Bounce Play Inside the channel

Looking at the daily time frame we can see there is a clear trend in action. I am trying to catch the meat of this move. Im long from .6870 looking for the .7050 area for my t/p. As always I will not be risking any more than 2%. Risk management is key!!!

Blackwood_fx Blackwood_fx EURCHF, D, Long ,
EURCHF: EUR/CHF Breakout. Low Hanging Fruit
29 0 1
EURCHF, D Long
EUR/CHF Breakout. Low Hanging Fruit

Another wedge has formed with the EUR/CHF. The breakout has happened but I believe it has some room to go. Im long from 1.0917 and hoping to hit the 1.11 area. Keep it simple!!! Risk management is the most important factor in trading. With the right method you don't always need to be correct. Please send me any questions you have... Thanks!!

Blackwood_fx Blackwood_fx AUDJPY, D, Short ,
AUDJPY: AUD/JPY Short Setup Forming
31 0 1
AUDJPY, D Short
AUD/JPY Short Setup Forming

Looking at the daily time frame we can see that price action has been in a down trend for a while now. PA (price action) has been ranging in a descending channel. PA is below the 200sma which is always key for short positions. It increases the odds of a successful trade. You can see from the risk reward on the screen that this is a good/ high probability trade ( ...

Blackwood_fx Blackwood_fx USDCAD, D, Short ,
USDCAD: USD/CAD Short Break & Retest
55 0 3
USDCAD, D Short
USD/CAD Short Break & Retest

As you can see the USD/CAD has been in an uptrend for a while now. Looking at the daily time frame we can see a clear breakout and retest for a continuation to the downside. Ill be looking in the 1.2543 area for my target area.

Blackwood_fx Blackwood_fx GBPNZD, D, Short ,
GBPNZD: GBP/NZD Short Position Forming--Waiting for the Breakout!!
35 0 2
GBPNZD, D Short
GBP/NZD Short Position Forming--Waiting for the Breakout!!

We can clearly see an overall down trend on the GBP/NZD. Price action is in a somewhat of a descending channel, it is also below the 200sma & 20sma which make for great short positions. We can clearly see price action consolidating into a wedge. My overall bias is short obviously and as soon as it breaks the lower trend line I'm going short. With that being said ...

Blackwood_fx Blackwood_fx EURJPY, D, Short ,
EURJPY: EUR/JPY Potential Short Set Up Forming. **Not Confirmed Yet**
62 0 3
EURJPY, D Short
EUR/JPY Potential Short Set Up Forming. **Not Confirmed Yet**

It appears that price action is wanting to break the resistance level that previously acted as smaller channel in a descending wedge. If we see a confirmation we are taking a short position to the 120.7 area. If it confirms a bounce we are taking a long position and riding it back up to the 129 ish level. Always practice proper risk management, if you don't know ...

Blackwood_fx Blackwood_fx EURJPY, D, Short ,
EURJPY: EUR/JPY Short Set Up
41 0 1
EURJPY, D Short
EUR/JPY Short Set Up

On the daily time frame we can clearly see a down trend has formed. Price action has clearly hit a big level of resistance at the 132 area and has made clear its bearish sentiment. I think we can easily see a drop to the 126 level. Be patient and always practice proper risk management.

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