The Cadjpy daily chart shows the pair trading in the buy zone after closing above the down-sloping trendline several days ago, and then moved back in for a retest at the 82.00 area. At this level, support was offered by the trendline and now the 83.70 resistance seems to be the first target being eyed by the bulls. Ahead of this area, marked by horizontal lines on the chart below, are 84.06, the September 17th high, which lies in the midst of significant past support, indicated by some impressive-looking spikes down into the area. 85.20 is where Read more »
EUR/JPY Trade Opportunity
Well, here you go. Two trade opportunities in one weekend. I guess you just have to do what the market requires and EUR/JPY seems to be requiring a trade. ;) Read more »
EURGBP Trade Opportunity
Well it looks like the EUR/GBP pair is going to give us a nice opportunity this week. As most of you know, I like to start at the weekly or monthly chart and drill down from there. It gives me much better perspective on the possible direction of a pair. Read more »
Eurgbp Possibilities
Eurgbp made an impressive rally after bouncing off of a set of weekly double bottoms. The weekly chart below shows the pair currently trading against a down-sloping trendline. The daily chart, however, shows the pair supported above a major down trendline. A daily bearish close below this trendline (.8740) is likely to see a further run towards .8650s. At this point, if the daily up trendline gets breached, another level of support that might be targeted is .8500. These support areas are marked on the charts by red horizontal lines. Read more »
CAD/JPY – Let’s Try It Again
So I guess you can tell that I REALLY want to get long on the CAD/JPY, right? Well, here's another attempt to take advantage of this heavy duty support on the weekly chart. Read more »
USD/CHF Hourly 123 Reversal
ForexLive is reporting big bids near 98.25/50 on USD/CHF. The pair hit a low of 98.37 and is now showing a 123 low reversal pattern on the hourly chart: Read more »
Eurjpy Technical Analysis
Eurjpy looks promising for an extension of the bullish leg, up towards 113.30s, and, if that stubborn resistance is breached, a further potential target of 115.50. I don’t usually place much emphasis on fundamentals, because I believe that they usually become evident in the charts themselves. Here though, it is impossible to ignore the much talked-about Bank of Japan intervention to weaken their currency. So, along with the technical analysis that I will perform, the fundamental aspect also provides strong support. Read more »
CAD/JPY Once Again
CAD/JPY did what what I expected this past week, even coming within pips of our second target with the help of the Bank of Japan. But it did it without me. If you guys followed me on Twitter this week, you'll know I didn't get in this trade because it sorta spooked me the way it pushed back down through the trend line. Hopefully, some of you didn't follow my tweets and made some pips on this trade. Read more »
CAD/JPY Long-Term Trade Opportunity
CAD/JPY tripped me up a couple weeks ago. I had a great trade opportunity set up and just as I posted it, the pair started ripping to the downside, totally negating everything I had just spent the prior hour writing. Oh well, that's just the nature of the market, I suppose. Well, it looks like there's another nice opportunity on the CAD/JPY. Read more »
Forex Trading: Are You Self-Sabotaging?
‘I do nothing upon myself, and yet I am my own executioner’ This quote by John Donne quite aptly captures the concept of self-sabotage. Self-sabotage may be defined as a destructive action which has the effects of undermining, or obstructing one’s own potential, or productivity. In most cases, the individual is completely unaware of his self-sabotaging behaviour. This is what gives it the potential to cause great harm. Self sabotage can be especially harmful and demoralizing for us as Forex traders. Read more »
