Gbpaud is currently retesting the support of previous trading range on the daily timeframe at 1.5820s after bouncing off the all-time low at 1.5132, and having spiked up more than half-way through the range. The 4-hour chart shows a nice bullish engulfing bar Read more »
Identifying Buy And Sell Zones: Part 1
Regardless of your preferred trading strategy, it is essential that we as traders are able to identify buy zones and sell zones. I use trendlines and horizontal lines to do this. I will be doing a series of articles on this topic, and today’s will focus on range trading. During a ranging market it is appropriate to use horizontal lines to differentiate between the buy and sell zones, and so the trader is able to take advantage of trading opportunities. Read more »
Gbpaud Technical Analysis/Trade Setup
Gbpaud’s break of its weekly range support saw a bearish run that is nothing short of impressive. 700 pips later it consolidated at 1.5100s before bouncing to test the outer down-sloping trendline on the 4-hour timeframe. In reference to the chart posted below, I have labeled what appears to be an inverse head and left shoulder formation. The left shoulder lies at the 1.5300 area, and it is here that I will be Read more »
Usdjpy: Is This The Start Of The New Uptrend
The Usdjpy monthly chart currently has an engulfing bullish candle, and a bounce after a 50% Fibonacci retracement of the reversal bar. This bounce, however, brought it to a key resistance area at 84.00, at which point it appears a bit stuck. The weekly close two weeks ago responded to this resistance with an equally impressive engulfing bearish candle. In spite of this, the bulls seem quite intent on holding ground, and now the daily appears to have formed a set of double tops after having broken into the buy zone by breaching the down trend line Read more »
GBPCHF: UPDATED REVIEW
A set of double tops can be seen on the daily chart of the Gbpchf currency pair. The double tops resulted from a test of the critical weekly resistance where there is a convergence of a down-sloping trendline as well as a shelf of previously broken support, marked by a horizontal line on the chart below. 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 »
Chfjpy Trade Setup
Chfjpy is at the bottom of a weekly range. A short while ago, it tested the 84.40 support and bounced back vigorously. Although I have been watching the setup for a while, I unfortunately missed this ideal entry. Luckily 84.50 is a strong resistance area on the 4hr that might cause it to fall back, so I am hoping that this will present a second chance at entering as close to 84.00 as possible. The ultimate target for the long setup is 89.70, which is the top of the range. 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 »
Gbpusd Will Test 1.5900
After a solidly bullish weekly close on Gbpusd, the pair looks ready to test the daily 1.5900 resistance level. This current resistance at 1.5700 is being tested, and a breach of that is likely to send it screaming up towards that target. Below is a daily chart with a red horizontal line marking the resistance that stretches back to 2009, and a daily close above will likely signal timeout for the bears. After 1.5900, the weekly bullish reversal will be well underway, and the bulls will then turn their attention towards 1.6500. Read more »