Let us start with a monthly view. We see that the downtrend that started in Nov 2008 retraced to the 1.5500 level. It then tried another leg up but was held at the 38.20% level and the trend is down again for the last 3 months.
Now let us take a look at the weekly. Price was being supported by the…Continue
It is my intention to avoid USD and most EUR trades this week - just not comfortable with the prolonged USD strength and EUR weakness. I am wary of pullbacks that may not be very shallow. After scanning a few pairs it is my opinion that we may be about to see some strength return to GBP and continued weakness in AUD. Here is a summary of the pairs that I am watching for opportunities.
Take a look at the weekly chart. Note that we are below the 200SMA (also…Continue
I have never found it easy to trade the weekly chart. The biggest challenge for me is to have the patience to see the trade through to the end and often end up taking profit too early. This time I have demo traded a short on AUDJPY.
As you see in the chart below, we had almost 3 weeks of bullish action followed by 2 weeks where indecision was the main sentiment. I entered short this week, was late by a day but the trade is valid. For target there looks like a nice confluence at 90.00…Continue
It's always nice to trade with the trend. I find comfort in the fact that by using small trading positions I can compensate for early (bad) entry by having the ability to hold on for longer. Unless the trend reverses completely I can avoid a loss.
Friday's NFP numbers leave no doubt in my mind that the USD will continue to strengthen, so I am looking for options to benefit from that. When price reaches extreme levels not seen in years I find it difficult to trade, partly…Continue