riffster21

riffster21

Hi guys, the GBP and AUD are both over extended on the long term Currency Barometer. We should see the GBP pairs begin to fade a bit over the next couple of hours. The AUD has a little more room to push, but looks like it might be finished also. This is not investment advice, just my opinion(s). Please trade accordingly. Trade safe and keep an eye on news.

riffster21

Hi guys, the USD is over-sold at the moment. The USD does not 'usually' spend a lot of time at the bottom or top of the barometer. I expect a bullish bounce from the USD soon. We'll see... Watch the USD pairs for key price levels. If the USD continues it's bullish push, watch to key prices for a bounce. This is a great way to trade over extended currencies. It is...

riffster21

Hi guys, a lot of traders are watching this formation and break-out. Many probably wondered why the pair stalled after the break out, but hasn't retraced either? The Wave Trend indicator is great for catching fades and for staying out of over extended break out trades. If you faded this trade and wondered why it didn't go anywhere; it is because the pair just...

riffster21

Hi guys, price action has been fairly 'normal' over the past several days, so there hasn't been a lot to report on via the Currency Barometer. All of the over extensions were happening on short time frames. This is excellent for day trading, but hard to post a report (i.e. the timing to enter the trade is pretty quick on shorter time frames). JPY - the JPY has a...

riffster21

Hi guys, I thought a few of you might find this helpful. This is how I typically use Trend Signal. First let's cover some basics and answer some questions that I've been getting via PM: 1. Are you always in a trade? Either buy or sell? Answer - No. You can use the indicator in this fashion and achieve a strong level of success, but I prefer to find the 'very...

riffster21

Hi guys, I was wondering why the JPY fades kept bouncing? I would get my stops to break-even and many of my trades would zero out, so I decided to dig a little deeper. It's good idea to zoom out on the Currency Barometer every few days. I mentioned the JPY double-top on the Long Term Barometer a couple days ago. When we zoom out to the 'Daily' time frame (the...

riffster21 Updated 

Hi guys, my first trade was stopped out @ Break Even. As I mentioned, I would re-enter if it pushed down again and enter at a better price. I am long @ 83.41. Stop and Target marked on the chart. I'll push it to Break Even pretty fast again, but all of my indicators are still screaming over-extended. We'll see... This is not investment advice, just my...

riffster21 Updated 

Hi guys, I am long the AUDJPY @ 83.47. Both X Meter and Wave Trend are over extended. Wave Trend rolled back over and seems to be headed up. The Currency Barometer is extremely over extended for the JPY. All signs point to a short term bounce. Stop and Target are marked on the chart. This is not investment advice, just my opinion(s). Please trade...

riffster21

Hi guys, the JPY is over extended on the long term barometer. In addition, this is a double top for the JPY. I have no idea why, but the JPY love's double tops and bottoms. Expect a reversal for the JPY pairs very soon. We may get one more small push, but the JPY can't go much further without consolidating. The AUDJPY appears to be the most over extended at the...

riffster21 Updated 

Hi guys, I am long the GBPAUD @ 1.6186. Every indicator that I have is screaming over-sold. I was waiting for another push down before I entered. Most folks hate to fade a strong move like this, but I've learned to trust my indicators. We may get another slight push, but that 'should' be it. We'll see. Stop and Target are marked on the chart. his is not...

riffster21 Updated 

Hi guys, this is a risky trade, so I am only using a half position, but I do think it will work. Most of my indicators are showing the EURUSD and many other pairs as extremely over extended. - X Meter showing over bought on the 5 minute - X Meter was originally designed to run on the 5 min interval and it is about 90% accurate (a strong 2nd interval is the 30...

riffster21

Hi guys, the GBPJPY is building a massive wedge on the 4 hour. Trading inside this range is guesswork at best, but an eventual breakout should yield nice results. My guess would be short, but if you look at a daily chart and zoom way out, we recently broke above down trending resistance (well, back in November, 2016). We'll see. Now it's just patience. If you...

riffster21

Hi guys, the GBPAUD has been very bullish over the past few days, but that trend is about to run out of steam. The current build-up suggests another push up. The pair is likely to find strong resistance and bounce. This will support the current wedge formation. The longer term market barometer supports this idea. The AUD has one good push remaining before it...

riffster21

Hi guys, both the short term and long term barometers are tightly bunched near the 50 level. Expect some big moves. If not today, then beginning of next week. The AUD continues to sell off, but the cycle (higher highs and higher lows) suggests a rally soon. Keep an eye on key price levels. This is not investment advice, just my opinion(s). Please trade...

riffster21

Hi guys, I wanted to take a look at the EUR on a large time frame and I was surprised at what I found. I figure I would look at the other currencies and post my results. Here is a look at Macro on the Market Barometer. Keep in mind that we are looking at very large time frames, but... the long term trend predictions tend to be very accurate. I broke down each...

riffster21

Hi guys, the short term market barometer has some nice divergence and should provide some trade set-ups soon. The AUD and JPY are over-sold and ready for a 'short term' consolidation. The EUR and USD are both should strength, however, the EUR recently pushed above 80, so we may see a short term consolidation before the next push up. The CHF, GBP, CAD and NZD are...

riffster21 Updated 

Hi guys, if you were waiting for a good time to go long on the EURUSD, you're probably still waiting. However, waiting for the break-out above resistance kept us out of off bear-trap. After a quick bounce below support, we are now back inside the wedge and the range is much tighter. My plan is still the same; I will buy a break-out above resistance. Side note; I...

riffster21 Updated 

Hi guys, the long term market barometer is showing another possible push to the down side for the USD. Both long term down trending resistance and short term up trending resistance held during the last consolidation. This suggests more weakness and another push down near 20. I'll update if the USD reverses above either resistance level. This is not investment...