The market gapped up into resistance to start the week on NZDJPY; moreover, I'll call the gap a novice gap that gapped in the direction of the upwards short-term trend. Price is also below a downward sloping 50 simple moving average. These factors, as well as the bearishness we are seeing on NZD across the board, led me to put on a short NZDJPY. I'm set to enter...
A doji is forming off horizontal support coinciding with the bottom trendline of an upwards channel on GBPAUD. We're also at a 61.8% Fibonacci retracement from the recent swing high to swing low, and are just below the 50 SMA. All these factors suggest to me the prescence of a turning point. As such, I put in an order to go long at 7990 with my stop at 7920. My...
Pullback to a key Fibonacci level and a 50 SMA. Also seeing CAD strength and USD weakness against other currencies.
GBPUSD has another hammer forming off support today, and so I've re-calibrated my unfilled order accordingly. Whereas I had initially planned to go long at 6703, I moved the entry order up 30 pips to 6733, and moved my stop up to 6673. My target profit remains at 6985. I'm risking 60 pips to gain 252, which gives me a reward/risk of 4.2. www.informedtrades.com
GBPUSD is in the midst of an uptrend, but has pulled back to a major trendline where it is forming a doji candlestick pattern. We also find a previously established horizontal support level and the 50 SMA in the close vicinity. As such, I think now is a good time to enter, as this might be a level bulls will step in to defend. I've set my entry to 6685 with my...
EURNZD has pulled back to its 50 SMA, in the context of a downtrend. We also see some signs of reversal candlesticks forming; the May 21 candle in particular -- an inverted hammer off resistance whose high has not been breached since -- could be viewed as a bearish checkmate. As such, I've put an order to short at 5995, with my stop at 6040 and my target profit at...
Price is at the 200 EMA and the 50 SMA, a level that also happens to be a support level established previously -- most recently in early April. At this confluence level, we are seeing rangebound price action developing. I'm viewing this as a sign that accumulation could now be occurring once again on AUDUSD. As such, I've put an order to go long at 9215, with my...
I bought some Bitcoin this morning as price is above the 200 EMA and 50 SMA, as well as above the downward sloping trendline starting from the price highs back at $1100. www.informedtrades.com
Hammer off support is my all-time favorite technical pattern, and I see something like that emerging on NZDCHF. Ideally, the wick is fully below support; in this instance, the bottom of the wick is touching support, so it is not the best hammer off support pattern out there. However, I still find it to be adequate and worth the risk. My stop is 40 pips below my...
Today's daily candle hasn't closed yet, so perhaps I'm jumping the gun here and will regret it, but the hammer off support and the 200 EMA between the 50 and 61.8% Fibonacci retracement levels from the latest swing low to swing high in the context of a clear trend is a setup I'll pretty much always take. I'm also seeing signs of AUD getting ready to reverse and...
If the tight range of the candles over the past four trading sessions are any indication, accumulation might be forming on GBPJPY. Given that we've traced from the early May highs, we see a bullish checkmate/accumulation pattern in progress, and are just below the 50 SMA in a clear uptrend, I put on a buy order to go long at 169.96 with my stop at 169.16. I'll...
Hammer off support is my favorite technical pattern, and one that always piques my interest. And so, I was pleased to see it form on the EURUSD daily chart. EURUSD is clearly in an uptrend, is now between the 50% and 61.8% Fibonacci retracement levels from a major swing low to swing high point, and is forming a hammer off support. The only cause for hesitation is...
AUDCAD is in the midst of an uptrend, but has recently pulled back to a level denoted by a confluence of indicators: the 50 SMA, a 61.8% Fibonacci retracement level from a swing low to swing high, and a previously established horizontal support level have all convened. As such, I'm entering a trade to go long in the direction of the primary trend. My entry is at...
USDCAD has been trending down of late, but has recently pulled back to a resistance level where it is forming an inverted hammer. I'll take this as a sign the downtrend is ready to resume, and so am entering at 0904 with my stop at 0966. My target profit is at 0703. I'm risking 62 pips to gain 201, so the reward/risk on this trade is about 3.24. www.informedtrades.com
Price has pulled back to support just above the 50 SMA, with a 61.8% Fibonacci retracement from the recent swing low to swing high in place as well. So, I'm going long here at 8625, with my stop at 8565 and my target profit at 8875 --- a target based on an AB=CD projection. www.informedtrades.com
USDCHF pulls back to a 61.8% Fibonacci level, a 50 SMA, and a horizontal resistance level established in December 2013 -- all while in the midst of a clear downtrend. As such, I'm seeing this as a great swing trading opportunity and am going short. My only concern is that we don't have candlestick confirmation, though in my opinion if I wait for that on the daily...
I was stopped out on this trade previously, at breakeven -- I think I had moved my stop to breakeven a little too early. However, I think there may be time to try again. I'm set to go long at 101.58, with my stop at 100.94. I have an initial profit target at 105, though with yen trades, I'm interested in holding out for a much larger move to 120 or so....
Really nice reversal candlesticks forming on GBPAUD, right at resistance, after a pullback in the downtrend. I'm short here at 8160, with my stop at 8387 and my target profit at 7728. I strayed from my normal 3:1 reward/risk requirement here, but I liked the setup enough to warrant it worth the opportunity. Moreover, if we can get to my target profit, I may...