glennhowell

glennhowell Updated 

I like the CAD for short positions on several pairs - the currency generally seem weak. You could argue that the trendline I've drawn in here has been broken - but you could also draw it slightly differently and say that price is currently bouncing. What to do? I'm interested in close below the recent lows (at say 0.7480) or potentially one last stab higher...

glennhowell

The title says it all. While The bulls managed a solid push above 109.00 late last week, all that hard fought ground has been lost. Price may remain stuck in the wedge for sometime still - no sense blindly selling now, but I like this one for a multi-month short should we see the breakout lower.

glennhowell

Friday saw price definitively close below recent lows at 0.6340, suggesting a move lower (perhaps a retest of the October lows). And then yesterday we saw the bulls retake the level and manage a fairly strong close. I think this battle for 0.6340 represents a nice opportunity for us, and I'm ready to back the winner. I'm looking for a solid rejection on the...

glennhowell Updated 

Another early one, but inline with a theme I mentioned not to long ago here: The key appears to be 109.00 - a retest of that level validates the inverse head and shoulders pattern. The trade requires patience: Wait for price to break higher than 109.00 and then test it from above. Look for profit around 112.00 and 114.00

glennhowell Updated 

I like the SP500 for a bullish wedge up against the 3020 area - we're seeing consistently higher lows stalling out at that region - suggesting that its only a matter of time before price breaks higher. And now for a bit of nonsense (hey, you never know) News of Donald Trump's impeachment talk being squashed would get it back to the highs. A surprise trade deal...

glennhowell

As Brexit appears to enter its final stage, Cable is looking ready to take on all-comers. Starting the month at just under 1.2300, the pair now trades above 1.2800 - holding a 500 pip gain currently. Of course the right question to ask is where to now? My bullish bias remains solidly intact above 1.2750. I'm still a bull above 1.2550; only closes below the...

glennhowell Updated 

Bullish momentum has been building on the CADJPY over the last few sessions, with the bulls finally clearing out the mid-September highs on a close above 82.00 yesterday. We like this market for continued upside through to 83.00 and possibly 84.00 before year-end. A throw-back to test the September highs is likely and represents an ideal buying opportunity on...

glennhowell Updated 

Price is constricting steadily on the EURNZD, tightening up to a point around 1.7430. Retail trade is 75% short, another steadily increasing bias. But price is going down as retail has been piling in - not a good sign for the short side. Swing or position trading suggests the best move is to wait for a break above the upper trendline, personally I'm trading this...

glennhowell Updated 

The bulls attempted to hold the 1.2300 level last week Tuesday and Wednesday. Their efforts can be seen in the pin-bar candle I've marked with the green arrow. For a short while, it looked like a bullish victory, with price rallying last week Thursday. But here we are a few sessions later and the bulls are in trouble. Big trouble. Yesterdays candle threatened...

glennhowell

We'd be jumping the gun to short here - that's a move for only the most aggressive trader. However, as a general rule, we want to sell with weakness in the background and conversely we want to buy when we see strength building. A completed head and shoulders (we don't have the right shoulder yet) on GOLD would tick the box for background weakness. Depending on...

glennhowell Updated 

Yesterday's daily close emphatically took out the 1.0965 zone, clearing the highs price has been threatening for over a week and settling 30 pips higher. I'm interesting in buying with this bullish momentum. Trade: Look for a retrace and hints of bullish price action at the 1.0965 area, on the 4-hour or 8-hour timeframe.

glennhowell

Price ranged from early February this year all the way through to mid-July before breaking higher. This extended period of accumulation which was followed up several bullish pushes higher suggests 6400 as a target. We see price currently constrained in channel-type structure that looks likely to lead down to 5560 before the bulls really step in again. I'm very...

glennhowell Updated 

Price tested and held above the $1495 level for 12 days on the way up. Yesterday, we saw price close below that same level and so far today, the bulls have been unable to retake $1495 from below. Yesterday's low and close also puts in a lower low for the metal, something we haven't seen since June. Are we in for a run lower? I think quite possibly. I would like...

glennhowell Updated 

80%+ of retail traders are short EURNZD. Why? My guesses are that their RSI's and Stochastic Indicators are all screaming OVERBOUGHT. The indicators aren't wrong - price is "overbought", if you follow such concepts. Forget the indicators, look at the rally I have drawn in, starting in the second-half of July to early August. Price started around 1.6600 and...

glennhowell Updated 

Currently trading at 68820c a share and having broken the parabolic up-trend that started in April 2018, we find Anglo American Platinum looking vulnerable. Shorts favoured all the way down to 56000, with some potential profit taking at 64000 on the way down.

glennhowell Updated 

If I'm analyzing a market, I always force myself to consider what the "other side" is thinking. In other words, if my research suggests a buy, I take a good long look at the chart, fundamentals and the market in general and think about what the bears might be thinking. I do this to try and ensure I don't miss anything. At least nothing glaringly obvious! A...

glennhowell Updated 

On Friday, price opened the day at 0.9150. It closed the day at 0.9095 - a 55 pip drop, significant for a pair as docile as the AUDCAD. Retail trade was positioned 66% long on the pair at Fridays open. And by market open today, that number had jumped to a whopping 78%. When Retail Rick is positioned one way, I'm really keen on taking the other side. A quick...

glennhowell Updated 

Maybe. But I won't be buying it. I think its highly likely that price will bounce off these levels. But catching falling knives isn't my idea of trading, so instead I'll be waiting. If price does bounce, I think a move back to 35700 is possible. And its at this level that I'm keen on the short. Alternatively, if price starts closing below 31000 on a weekly...