Slightly more exotic pair than usual here, with the CADCHF. I'm currently short from 0.9462 with original stop at 0.9550.
Eyeing up a potential reversal at the 0.9030 horizontal support level. Price needs to give me some form…Continue
Added by Andrew Hewerdine on June 6, 2013 at 9:13am — No Comments
The AUDCAD has of course been moving down over the past few weeks, and making lower highs and lower lows on most timeframes. However price is currently forming a bullish pin bar setup from a stong level of support.
Check back to…Continue
Added by Andrew Hewerdine on May 29, 2013 at 12:30pm — No Comments
The AUDUSD has been in a constant strong downward movement over the past few weeks, and there's been good money to be made selling this pair.Continue
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
After having its first weekly bearish close in six, the Euro ended the week posting an inverted pin bar that is also doubling as an inside bar. It has to be noted a bullish inverted pin bar in a bearish pullback is a failed attempt to rally. However, even though the rally failed, it indicates there is some buying…
Retreating from the recent swing highs over the last 5 days, the New-Zealand dollar formed a large with trending pin bar off a key role reversal level today. It should be noted how the day started off very bearish for the pair, which reversed gains sharply after touching the key role reversal level at .8210 and closed up on…Continue
Gold & Silver
Leave it to my good ol' friend the beard - Ben Bernanke....Central Printer in Chief who today went to the printing presses.
As expected, Gold and Silver pulled right back to role-reversal levels before shooting higher on the announcement today.
In the process, they both formed with…
Added by 2ndSkiesForex on September 13, 2012 at 10:18pm — No Comments
Gaining for the 3rd week in a row (only 2nd time this year), the precious metal took out the $1700 barrier for the first time since March this year, gaining almost $35 on Friday alone. I suspected short covering on the initial structural breakout back at $1633 and the metal has not disappointed since. That plus the likely accumulation building over the summer will continue to underpin the metal.
I've been long since $1633…Continue
Added by 2ndSkiesForex on September 9, 2012 at 9:12pm — No Comments
Today the EURAUD has formed a daily close and Kumo Break (to the topside) for the first time in exactly two months Virtually all Ichimoku components are bullish with the chikou having crossed the price line, tenkan above the kijun, the kumo break, thus the only things left are for the tenkan and kijun to pierce through the kumo along with the chikou as…
After breaking out of the summer range, the cable formed a pin bar rejection at the next resistance level and has since sold off for two days.
Today it has reached the breakout level and rejected nicely off of it, confirming it as a role reversal level. It did so forming an …Continue
Added by 2ndSkiesForex on August 28, 2012 at 9:28pm — No Comments
After bottoming on the year with an engulfing reversal bar, the pair has gained 4 of the last 5 weeks for the first time this year. The bulls were on parade all last week till they ran into the weekly 20ema before being rejected back 81pips from the highs. So far this year, the pair has closed all but 3 weeks above…
Yep, another day on the Aussie which happens to be one of my favorite pairs to trade daily. Yesterday I talked about how the impulsive price action selling on the pair, combined with a bearish engulfing bar, clued me into further selling for the pair.
As many of you know from my …Continue
Added by 2ndSkiesForex on August 15, 2012 at 10:33pm — No Comments
Sticking with the Aussie today, which I've been bearish on since Sunday - the pair sold off yesterday and formed a bottom off 1.0496 via an intraday pin bar setup. But notice how the reaction off said bottom was corrective while the selling price action was impulsive? This clued me into the fact the pullback was not heavily bought up by the institutions, and to look…
Added by 2ndSkiesForex on August 14, 2012 at 10:11pm — No Comments
After the massive losses in the Euro from mid-April to mid-July, the pair has been forming smaller price spreads (in the downtrend) while the bulls in the counter trend move are starting to out strike the bears. This to me is suggestive of an exhausted 3-mos down-move finding no new bears (at the moment). This has led to the bulls demonstrating some ability to take short term control as they continue to build higher lows and higher highs with greater…
Added by 2ndSkiesForex on August 12, 2012 at 10:14pm — No Comments
*I've been gone for 5 weeks on vacation but am now back writing from command central so expect articles daily from Sun-Thur from here on out along with bonus articles on Friday.
Since the 20th of June, the Aussie has been in an upward sloping channel which has been rather orderly making a touch on the top and then venturing to the bottom....until recently. Lately, it has been hanging around the upper band of this…
After starting the week under pressure from the Spanish regions requesting aid, the Euro found short term support - perhaps from the short sales ban in Italy and Spain. Although this tool is meant to curb short speculation on those economies, I'd like to point out two facts about short sale bans;
1) when have they ever worked?
2) speculators will just move their short speculation to other economies which…
Added by 2ndSkiesForex on July 24, 2012 at 2:35am — No Comments
After bouncing from the yearly low gaining ground for the last 3 of 4 weeks, the EURUSD got hammered last week losing all the gains and selling off to test the yearly lows again. It should be noticed how one week of impulsive selling took out four weeks of corrective gains, telling us the sellers are still in control as the market is more apropos to punish the Euro (rightfully so considering the situation in the EZ). Keep in mind, this is on the…
Gaining for the last 3 out of 4 weeks, the EURUSD was bolstered by the EU summit as Germany and Frau Merkel caved for now on the ESM support mechanism. This lifted risk on, along with the Euro which formed a weekly pin bar and cleared an important hurdle of resistance at 1.2632 which was the Jan. 2012 lows. Near term…
Added by 2ndSkiesForex on July 1, 2012 at 9:08pm — No Comments
After ending last week with a strong sell-off, the pair finally found some footing today after forming a piercing pattern to create a short term bottom, followed by a pin bar just a few hours ago off a key support and role reversal level at 1.0009. This is after 16hrs of straight buying, so short term there are…
Added by 2ndSkiesForex on June 26, 2012 at 11:08pm — No Comments
The EURJPY formed a potential pin bar reversal setup two days back and has been struggling to make new gains into the upper regions of the rejection failing twice to breach the dynamic resistance and 20ema along with the key role-reversal level at 100.50. Although overall short term momentum is up with the pair…