david.cummins.581

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Joined Canberra, Australia
Markets Allocation
78 % forex 17 % commodities 4 % stocks
Top Mentioned Symbols
AUDUSD 13% | 3 CL1! 13% | 3 EURUSD 8% | 2 USDCAD 8% | 2
david.cummins.581 david.cummins.581 NZDUSD, D, Short ,
NZDUSD: NZD to continue south
34 0 0
NZDUSD, D Short
NZD to continue south

The pair has obviously been in a massive bearish trend for over a year now. the pair broke through some minor support at 0.63178 and held. This was retested and held firm. If this pair opens below that support then i will be entering a short position. Very simple setup with great R&R.

david.cummins.581 david.cummins.581 CL1!, D, Short ,
CL1!: Oil looks set to drop further.
55 0 0
CL1!, D Short
Oil looks set to drop further.

Oil recently broke out of it's price range it had been trading in since May. When it broke out we saw a major price drop shortly after went straight back into consolidation. However now the price has once again bearishly broken out of its range and i can see another decline back to it's recent lows at the start of this year. A close back above resistance 50.57 ...

david.cummins.581 david.cummins.581 USDCAD, M, Long ,
USDCAD: High probability pending long.
44 0 1
USDCAD, M Long
High probability pending long.

The USD/CAD is currently testing the previous levels of its 2008/09 highs. This is quite clearly a key resistance area. However i believe that when the price moves through this barrier and can hold a close above then it's most likely to continue it's bullish trend. This trade also has great risk vs reward. To back up the technical side of things it's also widely ...

david.cummins.581 david.cummins.581 EURGBP, D, Short ,
EURGBP: Bearish breakout.
33 0 0
EURGBP, D Short
Bearish breakout.

As mentioned in the title above this pair has just had a bearish breakout breaking through previous support at 0.70131. This is pretty simple and clear entry point for a short trade. Price action has been very up and down over the 4 or so months and i think this breakout could be the start of another significant down move. Im looking for this pair to move to its ...

david.cummins.581 david.cummins.581 AUDUSD, D, Short ,
AUDUSD: Looking for a breakout to go short.
28 0 0
AUDUSD, D Short
Looking for a breakout to go short.

As mentioned in the description if the price can move below and close below 0.7350 then i think the price has potential for another big down move. The price has just broken out of the box range (highlighted in yellow) but has stalled a little since then. The RBA has also said in its latest statement that they would like to see the currency depreciate further. I ...

david.cummins.581 david.cummins.581 AAL, W, Long ,
AAL: Potential bounce off support.
22 0 0
AAL, W Long
Potential bounce off support.

With all the trouble in Europe at the moment i think it's a little safer to look at trades in different areas rather then basing all of your ideas on weather or not Greece will reach a deal with its creditors or not. With oil prices moving lower out of its range this is good new for American airlines as they are extremely high consumers of oil.This obviously means ...

david.cummins.581 david.cummins.581 SI1!, W, Long ,
SI1!: Silver currently looks range bound
24 0 0
SI1!, W Long
Silver currently looks range bound

Silver has been trading in this range since around august last year. It has just recently tried to break to the downside but that price has been rejected and has moved back into the range. This looks to me as if it could be a buying opportunity. We also have candle conformation with the long lower wick. I expect this candle to finish the week off as a hammer then ...

david.cummins.581 david.cummins.581 USDCAD, W, Short ,
USDCAD: Bearish on the USD
15 0 1
USDCAD, W Short
Bearish on the USD

I have actually been rather bearish on this pair for a while now. As we can there the price has bounced off the trend line numerous times failing to make new highs. The MA's have also crossed over bearishly and im predicting that they will do the same on the weekly time frame. We have a resistance level at 1.2349 so i have my stop placed just above there. I think ...

david.cummins.581 david.cummins.581 NZDUSD, D, Short ,
NZDUSD: US to continue bearish trend.
27 0 1
NZDUSD, D Short
US to continue bearish trend.

This to me looks like a very bearish set up on the monthly and weekly charts also. The pair has broken key monthly resistance, tried to push back through, but had the price rejected only to fall further. Our two moving averages still having crossed over. We also have candle conformation as we have a larger bearish candle. The NFP last friday also had a very ...

david.cummins.581 david.cummins.581 USDJPY, M, Long ,
USDJPY: USD looks to rally higher.
126 0 2
USDJPY, M Long
USD looks to rally higher.

We have seen some major strength in the USD against the Yen in the past year and i can't really see any signs to see that it will slow down. If we can sustain a close above the current resistance area that we are in then i will definitely be entering long positions. We can see we have just come out of a consolidation range with a large bullish engulfing candle and ...

david.cummins.581 david.cummins.581 GBPUSD, D, Long ,
GBPUSD: Bullish on GBP/USD
171 2 2
GBPUSD, D Long
Bullish on GBP/USD

We have just seen a major bullish engulfing candle smashing the previous 3 days. This also comes as the price bounced off the halfway point of the fib. We also have a bullish break of the major trend line of the 4hr chart. So my overall price target is the previous high of 1.582 and might look to take some profits at 1.5692. My stop is placed at 1.51344.

david.cummins.581 david.cummins.581 EURUSD, D, Short ,
EURUSD: Euro looking weaker on the back of poor news out of greece
72 0 1
EURUSD, D Short
Euro looking weaker on the back of poor news out of greece

I think that as long as greece is having trouble paying back their debt the euro will suffer. We have some technicals that also back this up. The break of a trend line and just broke through a major support area. However i would like to see a close below 1.096 before i pull the trigger. Moving averages have also crossed over bearishly.

david.cummins.581 david.cummins.581 AUDUSD, D, Short ,
AUDUSD: Clean break of support will result in a short position
121 0 1
AUDUSD, D Short
Clean break of support will result in a short position

This pair has run into a resistance area however with the large bearish candles it doesn't look like slowing down any time soon. If we see a candle break below resistance and close i would see this as a good reason to take up a short position. I would like to see it close around the 0.77 area rather then just below as this will increase the probability of the ...

david.cummins.581 david.cummins.581 AUDJPY, D, Short ,
AUDJPY: Short oppurtunity
65 0 2
AUDJPY, D Short
Short oppurtunity

This pair has just tried to break through a major weekly resistance area at 96.517, however we have seen a pull back on the previous candle and all signs to me point to the short. However if you want to be on the cautious side of things (which I am) I would wait until a close below 95.43. My price target is support at 94. 012 and have my stop set just above the ...

david.cummins.581 david.cummins.581 EURJPY, W, Long ,
EURJPY: Euro looking to rally.
58 0 1
EURJPY, W Long
Euro looking to rally.

It looks to me like the Euro is starting to rally after a very tough period for the currency. Here we can see on the weekly chart that the pair hasn't been able to make any new lows for at least a month. The moving averages have also crossed over in a bullish manner and we have some candle conformation in the form of some big bull candles with small wicks. The ...

david.cummins.581 david.cummins.581 USDJPY, D, Short ,
USDJPY: Consecutive lower highs doesn't look strong.
46 2 2
USDJPY, D Short
Consecutive lower highs doesn't look strong.

This pair over the past year or so has had a major bull rally but we have seen this start to slow down. It has made 3 lower highs in a row and this to me looks quite bearish. Plus we have some candle conformation with those 3 highs all looking like shooting stars or not far off them. So i would place my stop somewhere a little above this trend line i have drawn ...

david.cummins.581 david.cummins.581 CL1!, M, Long ,
CL1!: Long term veiw on oil
51 0 2
CL1!, M Long
Long term veiw on oil

The last few sessions and even the last week has seen oil slow down from its rally it's had after bouncing off resistance at it's bottom. I posted an idea a few days ago about a short term bearish view on oil, i still think thats valid but my long term view is that of a bullish one. Its easy to see the bounce off of the long term trend line and quickly rally back ...

david.cummins.581 david.cummins.581 AUDGBP, 240, Long ,
AUDGBP: AUD Bounce off resistance
18 0 1
AUDGBP, 240 Long
AUD Bounce off resistance

Recently posted an idea about going short on this pair and going short if it broke and closed below resistance. However on the 4hr chart it looks like the price tried to go below resistance but couldn't hold. This is a classic crack n snap for me. It is confirmed with the long hammer candle. I would expect this pair to get to at leat 0.5160. Set stops around 0.5076

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