USDJPY is always one of my favorite pairs to trade. It seems to respect the rules of technical analysis most of the time.
We can see a previous support/resistance level at the 107.16 mark. PA broke below that a few days ago and is now retesting which leads me to believe its going to drop more.
PA is below the 200ma which increases our odds of a profitable short...
Even a quick glance at this D chart you notice three failed attempts at the .745 area. You could even call it a double top if you wanted. That gives me the sense that the outlook is bearish. Now that price action has confirmed it I am entering this position.
When I'm looking at GBPJPY from the Daily chart we can clearly see this is in a long term uptrend.
To play to the probability I am only looking for a long position here.
These are the reasons I see a long setup"
1. PA (price action) is bumping into a huge level of support that was a previous level of resistance.
2. PA is also bumping into the 200 moving...
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.
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...
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!!
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...
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.
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...
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....
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.
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.
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!!!
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!!!
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!!
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 (...
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.