NZD hasn't been kind to me of late, as I've lost on four consecutive NZD trades I've placed. But when I see an opportunity I think is legitimate, I feel compelled to go for it. Yesterday's daily charts showed lots of long wicks on NZD, often occurring at a previously established resistance level or a key moving average. WIth that in mind, I decided to short...
USDSGD has been tough for me to trade this year, as its' choppiness has led it to be the currency I've traded the least. Finally, though, we've established a clear downtrend -- the moving averages are properly aligned, with price below the 50 SMA which in turn is below the 200 EMA -- and price has pulled back to resistance within that downtrend. Today's...
The euro is showing weakness across the board. After careful deliberation, I chose EURCAD as the pair to short, mainly because there are some signs of CAD strength against other currencies and because I found the technical setup to be most appealing. Today's candlestick, while not completed at the time of this writing, is looking like a reversal candlestick...
Last time I tried going long CADJPY was about a week ago, and the trade was virtually identical to the trade I'm putting on now. I got stopped out at breakeven, though I think the pattern is still valid; I simply moved to breakeven a bit too early last time. I'm set to go long here at 94.01, with my stop at 93.56 and my target profit at 96.11. I'm risking 55...
NZD hasn't been kind to me over the past week; including the rate hike that sent NZD down, I've had three consecutive losses on the NZD that have taken off about 0.75% of my account balance. But I don't want to make the mistake of being caught up emotionally and irrationally by losses, so I'm going long NZD again. Technically, the trend is still bullish for NZD,...
What's the only thing better than a doji? A DOUBLE DOJI! And that is exactly what we might be seeing today on NZDCHF. Traders may recall NZD plunged last week when the RBNZ raised rates on NZD. Now, after price plummeted to a major support level, we are seeing what looks like a double doji. I'll take this as a sign that the bears may be exhausted, and that the...
I've shared this 4 hour chart to illustrate greater insight on the entry and exit points, but the daily chart illustrate the bigger idea of buying at support/50 SMA in a pull back. GBP is showing signs of strength -- I'm already long GBPJPY and GBPAUD -- and so I think what we're seeing here are signs of accumulation. I think the lows of this past Friday, July 25,...
GBPAUD is boasting the following: 1. Price has pulled back 61.8%, a key Fibonacci level, from its recent swing low to swing high 2. A pattern of higher lows is in place, and price just bounced off the upward trendline of this pattern 3. A doji candle is forming Moreover, I'm seeing signs of AUD weakness across the board. I still have my long AUDJPY position on,...
USDCAD has been in a downtrend since March 20th of this year; that is when the current trendline, visualized in this chart, commenced. Price has pulled back to this trendline, is just below the 50 SMA and the 200 EMA, and not too short of the 50% retracement line from the recent swing high to swing low. The candlesticks over the past few daily trading sessions...
The past few days I've shared my trades that the yen will continue declining in value, and that now was the time to short it. Specifically, I have trades on to go long AUDJPY and CADJPY, and a pending order to go long GBPJPY. And now, I'm adding a long NZDJPY trade to this as well. By now the setup is familiar: the pairs were all trending up, but have recently...
I'm already long CADJPY and AUDJPY, and now seems like a good time to go long GBPJPY. Price has pulled back to the 61.8% Fibonacci retracement from its recent swing low to swing high, and is also sitting just above its 50 SMA, which is coinciding with a horizontal support level. Friday's candle was also an inverted hammer at support, which I'm interpreting as a...
This setup offers everything I like to see: 1. A clear trend -- price is below the 50 SMA and 200 EMA 2. Price is touching the 50 SMA, which is acting as resistance 3. Price has pulled back 50% from the recent swing low to swing high 4. A doji candlestick is in the works on today's candle Four out of four, so I decided to short at 0812 with my stop at 0844. My...
One of my favorite technical patterns here on NZDUSD: today's candlestick is forming a dojo at a previously established support level, and has also bounced off the 50 SMA. Price is in an uptrend and has pulled back. I should note the candle hasn't closed yet, and price hasn't reached the 50% Fibonacci retracement from the recent swing low to swing high -- another...
Like we're seeing on CADJPY, we are seeing AUDJPY price near its 50 SMA, where a support level also exists, where long wick candlesticks are forming (suggesting buyers are stepping in), and where we have a 50% Fibonacci retracement level from the recent swing low to swing high. I've set my entry order in the midst of this confluence at 94.71, while my stop loss is...
We've been seeing CAD strength, as well as JPY weakness over the past few trading sessions......and so long CADJPY was only a matter of time. And now, the time has come! :) I'm going long at 94.33, where we have a support level that recent candlesticks are forming a wick around, suggesting buyers are stepping in to defend. Also of note is the presence of the 50...
Price on AUDCHF has been in a tight range since July 4, which I'm interpreting as an accumulation pattern -- i.e. buyers stepping in and quietly building their position. Just below this accumulation zone, which happens to coincide with a 50% Fibonacci retracement from the recent swing low to swing high, are the 50 SMA and 200 EMA. As such, I think there are enough...
AUDUSD has been in a range since mid-March, but has been in an uptrend since the start of the year. Now, the pair is at the bottom of the range, sitting just above the 50 SMA. This same trade worked out well for me several weeks prior, and the technical logic is still applicable, so I thought I'd try again. I'm entering at 9331, with my stop at 9302 and my target...
I really like this setup on CADCHF. First, we're seeing signs of CAD strength across the board; in fact I have a short GBPCAD position on as well. Moreover, price is clearly in an uptrend on CADCHF, and the pulllback since early July allows swing traders to buy the dip. I've got an order to go long at support at 8290, with a fairly tight stop (from the perspective...