forextraplaces

forextraplaces

I have recently posted some recommended trades that take advantage of gaps in the market. I did receive some adverse comments from someone who clearly doesn't understand enough about FX trading. I've been trading FX over 25 years. The key to making money by trading FX is to look for ANY market advantage. If you can identity certain well established and accepted...

forextraplaces

EUR/CHF opened with a gap this week and anyone who follows my posts will know that I always trade gaps as they ALWAYS fill. I'd expected the gap on EUR/CHF to have filled yesterday as price hit WR1 key resistance pivot but EUR/CHF BULLS managed to push the price back to WR1. One hour ago WR1 was hit and we now habe a double right on WR1. This is very BEARISH. I'm...

forextraplaces

3 weeks ago I noticed that EUR/GBP opened with a gap in the market. Markets don't like gaps. No-one seems to know why but its INEVITABLE that gaps in the market will eventually close. The gap in EUR/GBP ironically closed when the market opened with another gap only this time the other way. I'd been BUYING EUR/GBP for tha last 3 weeks in anticipation of the gap...

forextraplaces

Ever since this pair opened with a gap (see chart) on the 24th June, I've been BUYING this pair in anticipation of the gap closing. Markets hate gaps and will try to close them. Usually when a pair open with a gap when the markets open, the gap is closed and then price will continue in the same direction as the gap. Examples of this can be seen on EUR/USD and...

forextraplaces

2 weeks ago the EUR/GBP opened with a market gap. Those of you who read my previous posts on this subject will know that I believe gaps in the market are ALWAYS filled. True, this can be weeks or even months but most commonly gaps are filled within 48 hours. Last week downward pressure prevented the EUR gaining on the GBP and the gap remained. I was moderately...

forextraplaces

At 12:00 today (25 minutes) we shall know what the BOE intend to do about the current round of interest rates. The market expectation is 0 - 2 - 7. The first digit is those MPC members who voted to increase rates (no-one expects this to be other than zero). The second digit is those MPC members who voted for a decrease in rates (the last month saw 2 members vote...

forextraplaces Updated 

It's a well know market phenomenon that gaps in the market are inevitably always filled. The market hates gaps. No-one seems to know why but its simply a fact. When the markets opened last Sunday (UK time) EUR gapped open across many pairs. EUR/USD 25 pip gap - filled. EUR/JPY 28 pip gap - filled. EUR/CAD 26 pip gap - filled EUR/CHF - no gap EUR/AUD 37 pip NOT...

forextraplaces

Drawing Fibonacci levels from the most significant high and low (2.0957 1/12/2005 to 1.4061 1/9/2022) will reveal that the current price is right on the 50.0Fibonacci level. 5 H4 candles ago, price briefly passed through this 50.0 level and was rejected. since then the next 2 candles have been doji indecision candles, followed by a pinbar and the current H4 candle...

forextraplaces

The high of 200.55 back on 24th April saw a deeep and rapid decline in GBP/JPY. I SHORTED this pair at 200.18 at the end of May and exited when the price started to head north. I SHORTED again after when the price returned to the 200 level and exited for 80+ pips when the price hit the 200 EMA on H1. 2 candles ago GBP/JPY BULLS pushed the price back above the 200...

forextraplaces Updated 

I have rules that I try to stick to when I'm trading but I'm also happy to break them if the conditions are right. Since early this morning the USD/CHF has sold off aggressively, encouraged by the weak(ish) Prelim GDP that came in 1.3% against 1.2% but it looks like the market was expecting better. The mood for USD BULLS wasn't lightened 90 minutes later when the...

forextraplaces Updated 

My positions SHORT EUR/USD and GBP/USD have been closed as its evident that SELLERS are now pushing the USD south. With that in mind, I'mnow SHORT USD/CAD. I was looking for this pair to reach the WR1 weekly pivot at 1.3744 but it now looks like this was a level too far and price has reversed 9 pips short of that target. RSI on H1 has been over 70 for several...

forextraplaces Updated 

I have a potential EUR/USD SHORT trade from 1.0883. 1.0883 is WR1 (weekly resistance 1) pivot and this pivot co-incides with a line of resistance which was last weeks high (Monday 20th May). This morning, 1.0879 has proven too tough to break for EUR/USD BULLS despite several attemps. It's possible we may see EUR/USD decline from these levels though the proximity...

forextraplaces Updated 

Yesterdays daily candle on GBP USDF was a pinbar and as todays candle is currently heavily BEARISH. all the signs are that GBP/USD BUYERS have fled. Earlier in the week we saw price head north through the WR1 pivot and today has seen price head south back down leaving the WR1 pivot behind. It needs to be remembered that although GBP/USD has been heading north...

forextraplaces Updated 

USD/CAD has been declining since last week and shows not sign of finding support. The Andean Oscillator on the H1 time frame turned BEARISH towards the end of last week and with no obvious levels of support we can expect to see the price of USD/CAD drift lower to 1.3588 area where BUYERS may well lie. A look at the H4 time frame is revealing. All 4 EMA's...

forextraplaces

The declining trendline (shown) has held down EUR/USD since the high of March 8th. It never ceases to amaze me that trendlines so frequently predict price although like anything in trading you cannot depend on them always. So you need other signs that the price is heading in one direction or another or if the price is reversing or about to reverse. The Andean...

forextraplaces

EUR/CAD has been carving out a sideways channel since Friday and the bottom of this channel coincides with the 200 EMA on 15M time frame which is also the 50EMA on H1. A break out of this channel and a break of the supporting EMA's would suggest we are headed lower. If we look at the H4 time frame we can see where the 200 EMA has supported the price and this looks...

forextraplaces

With EUR/CHF hitting the road block of the WR1 pivot and as this coincides with the high of April 7th, there's a high liklihood that this pair will head south. The current H1 candle is BEARISH and this follows 3 H1 doji (indecision) candles. As all these candles have formed bang on the WR1 pivot we can get a SHORT tarde on with the STOP just above the WR1 Pivot so...

forextraplaces

It may have escaped some traders notice that the JPY has been hammered in the last few months. So much so that GBP/JPY hit 200.49 earlier today, USD/JPY hit 160.00 and EUR/JPY hit 171.65. Some of these are historic highs, in fact USD/JPY is a 30 year high. I'm unaware of any intervention by the BOJ that would cause the 570 pip fall in USD/JPY (mirrored EUR and...