The Kiwi is at a diagonal support level and has formed another bullish gartley formation on the daily timeframe. I've also been interested in buying kiwi for a while as the price is bouncing off the weekly 50ema, which has been given great respect throughout this upward trend.…Continue
Added by Andrew Hewerdine on May 14, 2013 at 3:01am — No Comments
I wanted to post a few trades I took recently on AUDUSD and Silver. You can see the entry and exit points for each trade which I did just using price action strategies.
Here they are below;
Attempting to bottom and make some headway to the upside, the EURUSD failed to clear the 1.2800 role reversal level which was the Oct. swing lows. For now, the pair is stuck between 1.2800 weekly highs and 1.2659 lows which was the pin bar rejection on Tuesday. So bears can look to sell any weak rallies up to 1.2800 while bulls can…
Added by 2ndSkiesForex on November 18, 2012 at 10:01pm — No Comments
Similar to how the Euro I discussed on Tuesday reversed with an engulfing bar + pin bar combo, the Cable is possibly attempting to bottom after losing ground for six days in a row. After forming a final flag pattern to end yesterday and start today, the pair rallied off of 1.5825 with a strong bullish piercing bar,…
Added by 2ndSkiesForex on November 16, 2012 at 1:18am — No Comments
As I had discussed in yesterday's market commentary, the pin bar and engulfing bar combo highlighted did produce higher prices for the Euro, and went to the first resistance level I mentioned yesterday (around the 1.2763 area). Some of the course members got in on this trade and profited nicely from it…
Added by 2ndSkiesForex on November 15, 2012 at 1:57am — No Comments
Israel takes out Hamas Chief of Staff
oh my, I was wondering where the super fast price action spike in brent came from. Good thing I was long, but man, it smacked my target so fast, I didn't have time to expand it :-ooo
Although I will confess…
Added by 2ndSkiesForex on November 14, 2012 at 4:51pm — No Comments
Home to some of the greatest programmers and hackers in the world (I dated one not too long ago :-ooo), The MICEX (Moscow Exchange) halted FX trading due to a software (skynet) glitch.
I talk about this in my upcoming fxstreet interviews how we are trying go regulate human traders, but not algos, or the programmers behind them. Its the software's fault is a convenient scapegoat, but the programming and programmers need to be regulated as well.
Case in point with the MICEX…
Added by 2ndSkiesForex on November 14, 2012 at 2:32pm — No Comments
The markets are continuing to change, and the direction is (for now) continually becoming more algorithmic in terms of trading, markets and price movements. I personally think a lot of these algos, particularly HFTs, are highly toxic to markets, if not the global economies which are subject to them.
Take for example the Knight Capital disaster, the Facebook IPO, the Flash Crash, the Reverse BATS, and on and on and on...
Shoot, we now have Twitter-Feed based hedge funds…
Liquidity and volumes were definitely lower today with most pairs and instruments playing in a tight range today. In the process, Silver has formed back to back inside bars, or an ii pattern, and this will not go on for much longer.
Although the precious metal is trying to form a base, it has yet to show any bullish legs,…Continue
Added by 2ndSkiesForex on October 30, 2012 at 9:50pm — No Comments
Skynet was offline today, along with all human traders as hurricane Sandy forced US exchanges to close today. Regardless, a key support level in 13000 is coming under pressure for the Dow Jones. Although a decent sized pin bar formed Friday off this level, pressure remains on the major index, and should the key support fail, 12750 and 12500 will be under attack shortly after.
Bears currently have control so …Continue
Added by 2ndSkiesForex on October 29, 2012 at 10:12pm — No Comments
Staying put inside a channel/triangle, the Euro continues to oscillate virtually on a weekly basis since early Sept. Since we are still midway through the triangle, I expect it to continue as we generally do not exit triangles till later on in the pattern. That plus the elections in the US will likely keep things tamed down a bit for the next few weeks.
It should be noted the last 6 weeks of price action have all been …Continue
Added by 2ndSkiesForex on October 28, 2012 at 10:54pm — No Comments
As I had noted two days ago, Silver was showing reducing price action spreads which communicated it was likely bottoming out around $31.50. That is exactly how it played out, and has now broken above the dynamic resistance for the last 12hrs. If the $32 figure and dynamic support can hold, an attack…
Added by 2ndSkiesForex on October 25, 2012 at 11:30pm — No Comments
Getting pummeled every which way but loose, Gold resumed its sell-off today, now at 6 week lows and barely holding above $1700. I am noticing how the buybacks have been getting shorter and weaker in angle each time. This would generally indicate a weakening buying or counter-trend presence. But that has also been accompanied by weaker sell-offs each time, with the latest being the weakest. This culminated in a …
Added by 2ndSkiesForex on October 24, 2012 at 11:35pm — No Comments
Failing at the critical $35 figure, Silver has been getting pummeled, dropping $3.50 in the last 2.5 weeks. What I am noticing is how the price spreads have been getting smaller on each leg down (especially the last one), suggesting we could be seeing a bottom soon.
If price can get above $32.00 and break above the dynamic resistance and 20ema, then I suspect perhaps the precious metal will put in a HL…Continue
Added by 2ndSkiesForex on October 23, 2012 at 10:22pm — No Comments
After the bloody hit the Dow Jones took on the 25th anniversary of Black Friday, the US index formed a large bullish pin bar, and a fake out in the process. This could very well have trapped traders short just below the 13300 support level.
What I am noting is how the DJ…Continue
Added by 2ndSkiesForex on October 23, 2012 at 12:29am — No Comments
After a 5 day rally, the GBPJPY found resistance at 128.25 forming a pin bar rejection in the process. Although the last major swing was down and formed a LL (lower low), the last upswing formed a HH suggesting an increase in volatility. Key resistance for bears lies between 128.25-128.81 so bears can watch for…
Added by 2ndSkiesForex on October 22, 2012 at 12:01am — No Comments
Today, Gold has continued its sell-off, losing its luster as it shed over $15 breaking a key support level at $1739. In the process, it hit an intraday low sub $1730. Before the major sell-off today, it formed three inside bars, and then started the impulsive sell-off on the break of their lows. It has since then formed another inside bar, so a pullback towards the…
Added by 2ndSkiesForex on October 15, 2012 at 10:46pm — No Comments
*Note: I am back from a week vacation so expect a full week of articles and market updates.
Stuck in a short term channel, the GBPJPY has had more impulsive selling than buying within this channel so am slightly more bearish than bullish. Notice the two large rejections towards the upper end of the channels with the last one forming a…
The Kumo Break discussed last week has found its way lower as expected, even coming back towards the flat bottom and rejecting off of it twice. The pair also formed a tenkan-sen kijun-sen cross downward (medium), so the downside move could start to gain traction if it can clear the main lows at 1.0151. Being that the pair is likely in a …Continue
Added by 2ndSkiesForex on October 7, 2012 at 10:30pm — No Comments
As I talked about in my commentary yesterday, Gold appears to be forming a price action squeeze on the $1790/$1800 level which has been capping the upside since Nov. last year. I mentioned in the prior post I expect some shakeout prior to the breakout and this is exactly how it played out with back to back 2-way…
Added by 2ndSkiesForex on October 4, 2012 at 11:00pm — No Comments